Asian Oil Refiners Cut Output to Fight Oversupply, Low Margins

SINGAPORE, July 11 (Reuters) - Oil refiners in Asia are processing less crude as they grapple with margins that plunged to five-year lows after the region was flooded with supply of refined products and as slowing economic growth hits demand for fuels.

Asian refiners typically increase utilisation rates from July after carrying out regular maintenance in the second quarter, building stocks of fuels such as diesel and gasoline to meet demand that peaks in summer.

But this year, several Asian refiners are maintaining or reducing crude throughput in July and August after refineries around the region in the first quarter binged on the cheapest crude in over a decade, swamping Asia with excess fuel, industry sources and analysts said <DUB-SIN-REF

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