OREANDA-NEWS. July 11, 2011. China's crude oil imports in June fell to the lowest level in eight months amid planned refinery maintenance in summer, preliminary data from the General Administration of Customs showed Sunday.

Relatively high international crude oil prices and slowing industrial activity expansion in China brought on by tightening credit conditions to curb inflation also played a role in curbing the nation's crude import appetite, analysts said.

China shipped in 19.7 million metric tons of crude oil last month, equivalent to 4.81 million barrels a day, 11.5% lower than the same month of a year earlier and down around 5.7% from May's 5.1 million barrels a day, according to Dow Jones Newswires calculations.

The world's second-largest oil consumer's crude imports in the first half year totaled 126.21 million tons, an average of 5.11 million barrels a day, up 7% on year, according to the data. In comparison, crude imports in 2010 rose 17.5% from the previous year.

The Paris-based International Energy Agency has forecasted that China's 2011 crude demand, including imports and domestic output, will rise about 6.6% to 9.7 million barrels a day.

China's official Purchasing Managers Index, a gauge of manufacturing activity, fell for the third straight month in June to 50.9, indicating a continued slowdown in the world's second-largest economy.

Its central bank raised interest rates for the fifth time in eight months earlier in July as the nation's consumer price inflation last month accelerated to the fastest pace in three years at 6.4%.

Also, some large refineries have planned maintenance periods after running at full capacity in recent months to combat potential fuel shortages, as tight market supplies have eased.

China Petroleum & Chemical Corp. (SNP, 0386.HK, 600028.SH), known as Sinopec, has shut its 200,800-barrels-a-day Qingdao refinery on the east coast starting June 20 for 45 days of maintenance. PetroChina Co. (PTR, 0857.HK, 601857.SH, K3OD.SG) will service its 200,800-barrel-a-day Dushanzi refinery in the northwestern Xinjiang Autonomous Region in August for 40 days.

And according to energy portal Jcache, Sinopec's Maoming refinery will service a 50,205 barrel-a-day unit for 11 days in July and PetroChina will put a 100,400-barrel-a-day unit at Lanzhou refinery offline in July.

Oil product imports totaled 3.4 million tons in June while exports were at 2.04 million tons, Sunday's data showed. Crude oil exports were at 270,000 tons last month.