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BLBG:China’s Net Crude-Oil Imports Fall to Nine-Month Low on Plant Maintenance
 
China’s net imports of crude oil in July fell to the lowest in nine months as refinery maintenance reduced demand in the world’s biggest energy user.
Net imports declined 1 percent from June to 19.23 million metric tons, or 4.55 million barrels a day, according to Bloomberg calculations based on data released today by the Beijing-based General Administration of Customs. Imports were 19.43 million tons and exports at 200,000 tons, the data show.
China will shut seven major refineries, with a combined capacity of 707,800 barrels a day, in the third quarter, according to Gong Manying, a market research director at PetroChina Co., the nation’s second-largest oil refiner.
The nation processed 8.86 million barrels a day of crude last month compared with output exceeding 9 million in May, before maintenance season started, according to data yesterday from the China Federation of Logistics and Purchasing.
The Asian nation bought crude at an average price of $110 a barrel in July, similar to levels in June and higher than the $74 paid a year earlier, according to calculations based on customs data.
Net imports of fuel, including gasoline and diesel, fell to 800,000 tons last month from 1.36 million tons in June, according to the data. Net purchases reached a 29-month high of 2.07 million tons in December.
To contact the reporters on this story: Winnie Zhu in Shanghai at wzhu4@bloomberg.net; Chua Baizhen in Beijing at bchua14@bloomberg.net
To contact the editor responsible for this story: Jane, Ching Shen Lee at jalee@bloomberg.net
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