Crude pro­cess­ing slows in Jan­uary-Fe­bru­ary pe­riod

China Daily (Canada) - - BUSINESS -

China re­fined the least crude in four months as fuel de­mand in the world’s sec­ond-largest oil con­sumer slowed amid a cool­ing econ­omy. Pro­cess­ing in the Jan­uary-to-Fe­bru­ary pe­riod fell 1 per­cent from a year ear­lier to 78.78 mil­lion met­ric tons, the Na­tional Bureau of Sta­tis­tics said Thurs­day. That equals an aver­age of 9.79 mil­lion bar­rels a day, the low­est rate since Oc­to­ber. The bureau in Bei­jing com­bines data for the two months, cit­ing dis­tor­tions from the week­long Lu­nar New Year hol­i­day. Re­fin­ers are cut­ting oil pro­cess­ing as the pace of China’s eco­nomic ex­pan­sion slows. Bench­mark US crude fu­tures dropped the past three days, the long­est los­ing streak in more than two months, af­ter data showed an 18.1 per­cent slump in ex­ports.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.