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China Daily Oil Summary: State-owned Refiners to Boost Exports

OIL

MNI (London) - Planned fuel exports from China’s state-owned refiners are expected to increase about 10% month on month to 4m tons in March according to OilChem. The increase follows previous expectations for a 14% decline in oil product exports in February.

  • China’s refined oil exports profits have been rising during 2024, according to OilChem, driven by sluggish domestic demand.
  • China’s gasoline demand is slowing down after the Lunar New Year travel rush, resulting in independent refineries in the eastern Shandong province to reduce crude throughput, sources told S&P Commodity Insights.
  • China’s domestic trips during 10-17 February rose by 34.3% compared with the Lunar New Year holidays in 2023 and by 19% from pre-pandemic levels in 2019 according to the Ministry of Culture.
  • POLICY: Authorities believe Chinese consumption will show steady growth in Q1 following strong sales during the Spring Festival, according to He Yadong, spokesperson for the Ministry of Commerce on Thursday.
  • FROM THE PRESS: Authorities will accelerate proceedings to enact a new law to promote the private economy, according to the National Development and Reform Commission.
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