China Refineries Book 6% Drop in Output in July

Crude oil refineries in China produced 6.1% less fuel in July this year than a year earlier, logging the fourth consecutive monthly decline in output. The daily processing rate stood at some 13.91 million barrels, which was the lowest since October 2022, Reuters reported, citing data from the Chinese National Bureau of Statistics. The average daily processing rate for the first seven months of the year stood a little higher, at 14.37 million barrels, which was still down on the year, at 1.2%. Domestic oil production, however, rose, by some 3.4%…