UPDATE 1-China’s April Oil Demand Falls Nearly 1 pct from March to 7-mth Low
Implied oil demand at 9.71 mln bpd in April, up 1.1 pct on yr
* Jan-April oil demand at 9.9 mln bpd, up 0.4 pct on yr
* April refinery runs at 9.63 mln bpd, up 3.8 pct on yr, down 2.4 on mth
* April net fuel imports down 72 pct on yr
BEIJING, May 13 (Reuters) – China’s implied oil demand fell 0.8 percent in April from the previous month to its lowest since September as refineries scaled back production for maintenance and continued to export surplus fuel to trim inventories as the nation’s economy slowed.
Chinese investment, retail sales and factory output growth all disappointed in April by hitting multi-year lows, suggesting the world’s second-largest economy is still losing steam despite government efforts to shore up activity.
China consumed roughly 9.71 million barrels per day (bpd) of oil last month, according to Reuters calculations based on preliminary government data, the lowest level in seven months and down from 9.79 million bpd in March.
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