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China July Refinery Runs and Apparent Oil Demand Lower

OIL

China refinery runs were down -8.8% y/y to 12.53mbpd, the lowest since March 2020 according to the National Bureau of Statistics. Refineries process 13.37mbpd in June.

  • China’s apparent oil demand fell 9.7% y/y to 12.16mbpd in July down from 13.04mpd in June. Jan-Jul apparent oil demand was down -4.64% y/y to 12.74mbpd
  • Lower runs were due to planned outages at state refiners and lower margins. Covid restrictions and fuel export controls have also curbed their production.
  • China’s July crude oil output was 17.13m tons, +3% y/y, coal output was 372.66m tons, +16.1% y/y and gas output was 17.1bcm, +8.2% y/y.
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