Oil Imports Drop From Record on China Refining: Energy Markets
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Chinese oil imports may decline from this month’s record high as waning energy demand reduces refining profits.
Monthly imports may decline at least 19 percent to 18 million metric tons in the second half, from a record 22.3 million tons in June, according to Wang Aochao, a former Exxon Mobil Corp. marketing official who heads China energy research at UOB-Kay Hian Ltd. in Shanghai. Refining profits at state-owned China Petroleum & Chemical Corp., or Sinopec, sank almost 90 percent from May to June, a company official said.