China’s July crude oil throughput down from record high

Oil

China’s crude oil throughput edged down by 60K b/d m-o-m to 14.1M b/d in July, after reaching a record level in June, but increased by 1.65M b/d (or 13%) y-o-y, according to data from the Chinese National Bureau of Statistics. Throughput has remained strong despite severe flooding throughout June and July across much of central China slowing demand for diesel and gasoline. This has forced some refiners to reduce their runs, however the return of several major state refineries from maintenance has kept this figure stable, Reuters report.