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China Daily Oil Summary: Refined Product Production to Fall in Nov

OIL

China’s refined oil production among state-owned refineries is expected to fall by 9.87% on the month to 23.9m mt in November, according to OilChem.

  • China refined product exports are nearing 90% of the current quota batch according to Kpler with no further batch expected to be announced this year.
  • China will cut retail prices for diesel and gasoline due to changes in international oil prices, according to the NDRC. Gasoline prices will be cut by 140 y/t while diesel prices will fall by 135 y/t.
  • China exports of fuels, including gasoline and diesel, fell to a four-month low of 5.17 million metric tons in October, down 5% m/m according to customs data.
  • Chinese crude imports totalled 48.97mn metric tonnes in October or 11.53mn bpd according to customs data – up from 11.13mn bpd in September.
  • China’s economy is growing 4.5%-5% slower than normal, according to OPEC’s Secretary General and reported by Bloomberg.
  • POLICY: Despite China growth likely coming in higher than initially expected this year and next, it is unlikely to have any meaningful impact on inflation worldwide in terms for demand for global commodities channel, IMF deputy managing director Gita Gopinath told MNI Tuesday.
  • POLICY: China's exports decreased further in October, falling 6.4% to mark sixth straight monthly fall. The decline was worse than the consensus of 3.5% decrease and beat September's 6.2% decline.
  • YUAN: The currency weakened to 7.2851 against the dollar from 7.2756 on Monday.
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