August 11, 2010 / 8:42 AM / in 9 years

UPDATE 1-Oil refiners to run more crude in Q3-IEA

* IEA revises Q3 global crude run by 70,000 bpd

* North America seen strong, China throughput growth to slow

* Europe saw “impressive” recovery in June

By Ikuko Kurahone

LONDON, Aug 11 (Reuters) - The world’s oil refineries will process an average 74.7 million barrels per day in the current July-September quarter, rising from a year earlier and the previous quarter, the International Energy Agency said on Wednesday.

“The third quarter 2010 global crude runs are estimated at 74.7 million bpd, 70,000 bpd higher than our last estimate and 1.1 million bpd above the third quarter 2009,” the IEA said in its monthly oil market report.

Refinery runs are expected to remain strong in North America, partly because of some support from continued refinery outages in the Caribbean and Latin America, the IEA, the adviser to 28 industrialised countries, said.

Crude oil throughput in China will rise as the capacity of refineries will continue to expand, the Paris based agency said.

But the rate of growth was seen slowing to 700,000 bpd year on year, compared with from a quarterly average of 1.3 million bpd since the fourth quarter last year.

The IEA revised up its estimated global refinery throughput in the second quarter by 425,000 bpd from its previous figure to an average 73.9 million bpd due partly to “an impressive apparent recovery in European refinery runs in June.”

“Preliminary data point to a 1.0 million bpd monthly increase in European runs, reaching their highest level since December 2008, the agency said.

The revised global volume for the second quarter is 1.8 million bpd higher than a year earlier and the 1.1 million bpd rise from the first quarter. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For related story, please click; IEA edges demand growth higher but economy weighs [IEA/M] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Reporting by Ikuko Kurahone

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