6 Aug 2009 12:03

China's crude oil inventory falls in June

Shanghai. August 6. INTERFAX-CHINA - China's crude oil inventory, including that kept at national oil reserve depots and refineries, fell slightly in June after growing for three months straight, a domestic oil information portal reported on Aug. 5.

According to Pec365, China's crude oil inventory stood at 3.78 million tons at the end of June, down by 105,000 tons from the end of May.

Shao Xiaotian, oil analyst with Pec365, told Interfax that the drop in crude oil inventory was partly the result of an increase in the country's crude oil processing volume. China processed about 32 million tons of crude oil in June, the highest monthly figure in the first half.

Shao also noted that the country's crude oil processing volume continued to grow in July, suggesting that China's crude oil inventory might have fallen last month as well.