Chinese crude imports still down

摘要

China’s net crude imports remained below 5mn b/d in August amid a slump in refinery run rates. Net crude imports were 4.95mn b/d, up by 110,000 b/d on July but just 85,000 b/d higher than in August last year. Net crude imports fell below 5mn b/d in June because of refinery mainte- nance and as domestic refining margins remained negative. Throughputs fell to 8.62mn b/d in August. June-August runs were 8.67mn b/d, down from 8.95mn b/d in January-May. But runs at state-owned refineries are scheduled to rise to 8.91mn b/d this month, despite almost 600,000 b/d of capacity shutting for maintenance.