China Daily Oil Summary: Over Half of Export Quotas Used

Around 53.5% of export quotas issued by Beijing have been used up so far as of March, Reuters calculations showed.

• China’s oil products surplus is expected to widen to 52mn tons by 2025, from 47mn tons this year, CNPC’s researcher Li Ran said, cited by Bloomberg. The surplus will further rise to 82mn tons by 2030.
• As Northeast Asia’s refinery maintenance ramps up this quarter, the regions implied refinery runs are expected to fall according to Vortexa.
• Chinese crude oil imports in March rose to 49.050mn tons, up from 44.140mn tons in February but down by 6.2% year on year, Customs General Administration data showed.
• Chinese diesel exports were at a one-year high last month at 1.42m mt, as a weak domestic market pushed higher volumes overseas.
• Chinese gasoline output in March increased by 6.5% year on year to 14.29mn tons, and jet fuel exports in March were 77.4% higher year on year at 1.98m metric tons
• MNI (Beijing) - EXCLUSIVE: China will likely issue a significant volume of ultra long-term special treasury bonds with tenors of 30 years or greater to support government investment over the next few years,
• POLICY: China’s rapid M2 expansion will slow as credit demand weakens in line with the economy's transformation, while the central bank will promote a moderate rise in prices and prevent excessively low interest rates from worsening fund idleness, said Zou Lan, director of the monetary policy department at the PBOC in a briefing.
• FROM THE PRESS: China’s domestic demand remains insufficient with weak social expectations, according to Liu Sushe, deputy director of the NDRC.