Refinery maintenance cuts crude imports

摘要

China's net crude imports fell to an eight- month low in June, raising concerns about a slowdown in oil demand growth. But heavy refinery maintenance in June- July was a large factor behind the drop. And strong North Sea Dated prices rela- tive to Asia-Pacific have discouraged refiners from taking Atlantic basin crude. Net crude imports dropped to 4.75mn b/d in June, falling below 5mn b/d for the first time this year (see table). Mainte- nance shut in around 500,000 b/d of refining capacity, and was largely respon- sible for the fall in imports. Refinery runs are expected to remain largely unchanged at 8.35mn b/d in July, well below levels of around 9mn b/d earlier this year.