China's crude throughput to fall in July on independent refi

China's crude throughput to fall in July on independent refiner cuts, quota limits


China’s crude throughput to fall in July on independent refiner cuts, quota limits
China’s crude throughput in July will likely fall slightly from the record high in June as expected cuts by private refiners over the month amid adverse weather offset the impact of mostly steady run rates at state-owned refiners.
The average utilization rate of China’s four state-owned refineries was around 82% in July, steady compared with 82.4% in June, a four-month high, according to S&P Global Platts July 26. The four state-run oil companies — Sinopec, PetroChina, CNOOC and Sinochem — plan to process a total 32.06 million mt of crudes, or 7.58 million b/d of crude in July, against their nameplate capacity of 9.24 million b/d. This compared with their earlier plan of processing 31.07 million mt, or 7.59 million b/d, of crude in June.

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