Latest official Chinese oil stats continue to indicate weak demand. Refinery runs of 13.95mn b/d for August were level with July at their lowest level since 2022 with the year-to-date average of 14.18mn b/d down 2% year-on-year.
That crude imports at 11.61mn b/d for August were the highest this year (though well down on the year-ago figure: MEES, 13 September) was in part due to a slump in crude output to 4.21mn b/d, the lowest this year. (CONTINUED - 78 WORDS)