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China Daily Oil Summary: Planned Oil Export Down in Nov


China’s planned exports of refined products are expected to be 2.51m mt in November, down 39.7% on October levels, according to OilChem. It is also down 48% compared to planned exports of gasoline, gasoil, and kerosene in November 2022.

  • China tapped into crude stockpiles for the second time in three months in September according to Reuters calculations as they processed record crude volumes while imports dipped. China refiners drew about 240,000 bpd from inventories in September according to the calculations versus adding 1.32mn bpd August.
  • China’s crude oil production in the first three quarters of 2023 rose 1.9% on the year, according to Xinhua, citing the National Bureau of Statistics. China produced 156.72m mt of crude oil in the first nine months of the year. September’s output was 16.87m mt, up 0.3% compared to September 2022.
  • YUAN: The currency ended flat at 7.3150 against the dollar from previous close.
  • POLICY: China can achieve its annual economic growth target of about 5% set at the beginning of the year despite headwinds, while the financial sector should enhance support to the economy to better serve global economic resilience and stability, said China's former Minister of Finance Lou Jiwei during the 2023 Shanghai Suhewan Conference on Sunday.
  • BONDS: The yield on 10-year China Government Bonds was last at 2.7250%, down from 2.7300% at the previous close, according to Wind Information.

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