China's oil throughput in July is the first to rise month-on-month since the Iran War

China's oil throughput in July?fell by 15.8% year-onyear, but showed a slight recovery compared to June. This is the first month-onmonth increase since the?Iran war, according to?data released on Monday by the National Bureau of Statistics.

China, as the world's largest energy importer has reduced oil imports and throughput since the U.S./Israeli war against Iran. This is due to supply disruptions, and a shrinking demand at home.

In July, China processed 53.11 millions?metric tonnes of oil or 12.5million barrels per day.

The daily 'throughput rate' remained well below pre-war levels, but it grew by 0.3% from June when it was at its lowest in over six years.

The first seven-month oil throughput was 396.96 millions tons or 13.67 millions bpd. This is 6.5% less than a year ago.

The official data showed that domestic crude oil production increased 0.8% from the previous year to 18.27 million tons or 4.3 millions bpd. Meanwhile, output in the first seven months of this year was 127.69 mt, an increase of 0.9%.

The production of natural?gas fell by 0.9% from the same period last year to 21.4 billion cubic meters (bcm).

The?gas?output?todate for the year was?154.3 Bcm, an increase of 1.2%. 1 metric ton is equal to 7.3 barrels of crude oil for conversion. (Reporting and editing by Emelia Sithole Matarise; Lewis Jackson, Sam Li)

(source: Reuters)