Japanese refinery throughputs fell by 300,000 b/d last month, cutting utilisation to 73pc. Runs at 3.5mn b/d were the lowest for April since 1989, reflecting a 10pc fall in demand during the first quarter from a year earlier. The cuts, combined with product exports of over 500,000 b/d, have kept Japanese product stocks in check - they were still only 2mn bl up on a year earlier at the end of April.
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