China's Crude Imports Edge Up in July

China's crude oil imports edged up in July as state-backed refiners ramped up output after returning from maintenance, although independent refineries slowed restocking amid probes by Beijing into trading and taxes. China brought in 41.24 million tons of crude oil last month, equivalent to 9.71 million b/d, data from the General Administration of Customs showed. That was up from 40.14 million tons in June but down from 51.29 million tons in July 2020. In the first seven months of this year, China -- the world's top crude oil importer -- took in 301.83 million tons, or 10.39 million b/d, down 5.6% from the corresponding period of last year (IOD Jul.22'21). "With state-owned refineries completing overhauls, the number of refineries resuming operation is gradually increasing," said analysts at China-based Longzhong consultancy. However, they added that overall refinery utilization rates have not seen a significant jump. Operating rates at independent refiners in Shandong province showed a clear downtrend in the last month, with the average rate hitting the lowest level this year at 63% in late July. (Reuters)