Market sources said on Thursday that although several refineries in Japan have finished planned maintenance, Japanese refiners may continue to maintain low processing volumes in August as they try to limit reserve oil products when demand is weak.
Japanese oil refiners hope to support the profits of the domestic market by maintaining a low volume of crude oil processing, especially when the Asia-Pacific region’s tightening spreads make it more difficult to turn over excess supply to exports.
Mitsunori Takahagi, president of Japan's JX Energy, the largest oil refiner in Japan, said: “We will monitor the level of gasoline stocks and if necessary, prepare to cut production. As many refiners cut production, in recent months, Japan’s profits are stable, but JX will remain vigilant because several refineries will be restored after planned repairs.â€
JX has not yet confirmed its August production plan, but its July crude processing volume is about 1.2 million barrels per day, down 3% from last year. Idemitsu Kosan Co. plans to reduce the processing volume of crude oil by 4% in the third quarter to about 424,000 barrels per day. Idemitsu Kosan Co., Ltd. shut down a 140,000-barrel refinery in Hokkaido, northern Japan, in late June to reduce production. A company spokesman said that the refinery will be shut down for about a month. Kozmo Petroleum did not disclose any production plans, but a company official said that because of the weak domestic gasoline demand, the export profit of medium-distillate oil was meagre and the output was low. On the contrary, taking into account the export growth of 50%, Showa Shell Petroleum plans to maintain the level of crude oil processing in the third quarter is about the same as last year, about 55.4 million barrels per day.
Japanese oil refiners hope to support the profits of the domestic market by maintaining a low volume of crude oil processing, especially when the Asia-Pacific region’s tightening spreads make it more difficult to turn over excess supply to exports.
Mitsunori Takahagi, president of Japan's JX Energy, the largest oil refiner in Japan, said: “We will monitor the level of gasoline stocks and if necessary, prepare to cut production. As many refiners cut production, in recent months, Japan’s profits are stable, but JX will remain vigilant because several refineries will be restored after planned repairs.â€
JX has not yet confirmed its August production plan, but its July crude processing volume is about 1.2 million barrels per day, down 3% from last year. Idemitsu Kosan Co. plans to reduce the processing volume of crude oil by 4% in the third quarter to about 424,000 barrels per day. Idemitsu Kosan Co., Ltd. shut down a 140,000-barrel refinery in Hokkaido, northern Japan, in late June to reduce production. A company spokesman said that the refinery will be shut down for about a month. Kozmo Petroleum did not disclose any production plans, but a company official said that because of the weak domestic gasoline demand, the export profit of medium-distillate oil was meagre and the output was low. On the contrary, taking into account the export growth of 50%, Showa Shell Petroleum plans to maintain the level of crude oil processing in the third quarter is about the same as last year, about 55.4 million barrels per day.
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