BEIJING :China's crude oil imports in July fell 18.8 per cent from the previous month to the lowest daily rate since January, customs data showed on Tuesday, as major exporters cut back overseas shipments and domestic stocks continued to build.Crude shipments into the world's biggest oil importer in July tota
BEIJING :China's crude oil imports in July fell 18.8 per cent from the previous month to the lowest daily rate since January, customs data showed on Tuesday, as major exporters cut back overseas shipments and domestic stocks continued to build.
"The decline was led by lower imports from the big-3 crude exporters, namely the U.S., Saudi Arabia and Russia, which have cut exports amid reduced production targets and/or higher domestic demand," said Emma Li, a China crude oil analyst at Vortexa in Singapore. Despite the lower overall imports, state-owned refineries raised their processing rates in July to an average of 78 per cent-82 per cent, up 2-3 per centage points from June, data from consultancy Zhuochuang showed.Domestic gasoline inventories fell around 3 per cent between mid-June and mid-July, while diesel inventories rose roughly 2 per cent as weak merchandise export volumes and a slowdown in the property sector continued to dent demand, according to data from the Longzhong consultancy.
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