Refiners cut imports

摘要

Apparent oil demand — domestic production plus net imports — dropped to 9.42mn b/d, down by 200,000 b/d compared with April. The fall was mainly the result of lower net crude and product imports (see table). But May apparent demand was still 1mn b/d higher than at the same time last year, and January-May apparent demand of 9.65mn b/d was nearly 900,000 b/d higher than a year earlier. Refiners have scheduled at least 500,000 b/d of maintenance shutdowns in June and July. June refinery runs are expected to fall to 8.82mn b/d, cutting demand for feedstock.