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China Daily Oil Summary: Diesel Production and Exports Fall

OIL

Chinese diesel production in November fell on the year, while gasoline production rose above 2022 levels last month according to data from China’s statistics bureau.

  • Diesel output in Nov. fell 7.5% y/y to 17.654m tons, while gasoline output in Nov. rose 7.1% y/y to 12.69m tons.
  • Meanwhile, Chinese diesel exports last month fell by 44.9% on the year to 1.16mn tons, but up from 1.11mn tons in October, data from the General Administration of Customs showed, cited by Reuters.
  • Production of straight run low sulphur fuel oil from China’s refineries fell 8% on the month to 848k mt in November, according to OilChem. OilChem attributes the continued monthly declines in production to a lack of export quotas.
  • EXCLUSIVE: China’s refreshed public-private partnership (PPP) regime will help stem the flow of falling private investment in 2024 by encouraging more active private-sector ownership of user-paid infrastructure and utilities, while curbing the growth of local government implicit debts, policy advisors and market analysts told MNI.
  • YUAN: The currency weakened to 7.1311 against the dollar from previous close of 7.0987.
  • FROM THE PRESS: China will optimise the investment direction and quota allocation of local government special bonds and reasonably expand the scope of using such bonds as capital funds for infrastructure projects, Xinhua News Agency reported.
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Chinese diesel production in November fell on the year, while gasoline production rose above 2022 levels last month according to data from China’s statistics bureau.

  • Diesel output in Nov. fell 7.5% y/y to 17.654m tons, while gasoline output in Nov. rose 7.1% y/y to 12.69m tons.
  • Meanwhile, Chinese diesel exports last month fell by 44.9% on the year to 1.16mn tons, but up from 1.11mn tons in October, data from the General Administration of Customs showed, cited by Reuters.
  • Production of straight run low sulphur fuel oil from China’s refineries fell 8% on the month to 848k mt in November, according to OilChem. OilChem attributes the continued monthly declines in production to a lack of export quotas.
  • EXCLUSIVE: China’s refreshed public-private partnership (PPP) regime will help stem the flow of falling private investment in 2024 by encouraging more active private-sector ownership of user-paid infrastructure and utilities, while curbing the growth of local government implicit debts, policy advisors and market analysts told MNI.
  • YUAN: The currency weakened to 7.1311 against the dollar from previous close of 7.0987.
  • FROM THE PRESS: China will optimise the investment direction and quota allocation of local government special bonds and reasonably expand the scope of using such bonds as capital funds for infrastructure projects, Xinhua News Agency reported.