Latest official Chinese data show refinery runs falling to 14.24mn b/d for June, the lowest figure this year and 640,000 b/d down on the year-ago figure. Average runs for the first half of 2024, at 14.49mn b/d, are down 1% year-on-year.
With 1H imports also down year-on-year (down 3% at 11.09mn b/d), the weak data from the world’s number one importer – long the key driver of global demand – is ‘Exhibit A’ in the IEA’s increasingly bearish global oil demand outlook (MEES, 12 July). (CONTINUED - 187 WORDS)