Global oil trade volume slumps after 6-year rise-BP

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Wed Jun 10, 2009 8:29am EDT

* Less oil traded in 2008 on weak OECD demand

* Global oil refinery utilisation rates lowest since 2003

LONDON, June 10 (Reuters) - The amount of oil traded globally fell in 2008 for the first time in six years due to falling demand in developed countries and an increase in consumption in oil producers, BP (BP.L) said on Wednesday in its annual Statistical Review.

It was the largest drop since the late 1980s, BP said.

"Global oil trade fell by 1.7 percent, or 930,000 barrels per day, the first decline since 2002 and the largest since 1987, driven by declining consumption among importing countries, especially in the OECD, and rising domestic consumption among the world's oil exporters," BP said in the review.

The volume of oil that was traded last year totalled 54.626 million bpd last year, compared with 55.554 million bpd in the year before.

BP also said global oil refinery utilisation rates fell in 2008 to 84.8 percent, the lowest since 2003. Refiners reduced output to match falling demand.

Refining capacity additions in 2008 totalled about 830,000 barrels per day, mainly in the Asia-Pacific region. China's capacity grew by 2.9 percent, or 220,000 bpd.

Global crude runs fell by 250,000 bpd last year.

"The biggest throughput changes were a fall of 3.4 percent (510,000 bpd) in the U.S., partially offset by growth of 4.4 percent (290,000 bpd) in China," BP said.

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(Reporting by Ikuko Kao)

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