Japan's Cosmo cuts March crude refining by 7pc

TOKYO: Japanese refiner Cosmo Oil Co said on Wednesday that it cut the amount of crude it plans to refine in March by 7 percent amid slowing domestic demand.

The company plans to refine 440,000 barrels per day (2,168,000 kilolitres) this month, down from an earlier plan of 475,000 bpd (2,343,000 kl), the company said in a statement, adding it would try hard to export gas oil to offset domestic demand.

The company also said it refined 437,000 bpd of crude in February, lower than its previous plan of 444,000 bpd.