China's refined oil production to shrink 1.5% MoM in Jul

China's refined oil production fell 4.62% month-on-month in June and 17.23% year-on-year, driven by extensive maintenance, US-Iran tensions disrupting crude arrivals, and poor marginse, specially at independent refineries. July production is set to rise month-on-month, while daily average output is projected to fall 1.51% on a calendar-adjusted basis, a slightly larger decline than in June.

China's production of refined oil, including gasoline, gasoil, and kerosene, among domestic refineries reported a monthly contraction of 4.62% in June, down 17.23% from the same period last year, based on OilChem's survey, with the combined production standing at 28.64 million tonnes. The production is projected to remain low