China Oil Product Inventories Fell By 5Pct

August 29, 2011
Bloomberg reported that China oil product inventories fell 5.5% as of the end of July from June after domestic refineries shut units for seasonal maintenance and summer demand increased in the world fastest growing major economy.

According to Bloomberg calculations based on figures in China Oil, Gas & Petrochemicals stockpiles of gasoline declined 5% to 5.99 million tonnes diesel dropped 5.4% to 9.53 million tonnes and kerosene shrank 7.6% to 1.47 million tonnes. Crude inventories rose 3.3% to 29.56 million tonnes.

China OGP said PetroChina Co and China Petroleum & Chemical Corp the nation largest refiners suspended oil-product purchases from privately run plants last month which also led to a drop in stockpiles.

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