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China Flips Back to Net Oil Product Exporter in May: Customs

OIL PRODUCTS

China’s oil product imports dropped 21.5% m/m in May to 4.45mn mt according to customs data.

  • Chinese independent refineries' fuel oil imports slipped 45.4% to 1.1 million mt in May - from an all-time high of 2 million mt in April.
  • Oil product exports gained almost 18% month on month to 5.35 million mt in May, making the country flip back to being a net product exporter in the month.
  • Platts trading sources said the newly issued 18 million mt of export quotas in early May for clean oil products and bunkering fuel oil allowed a rebound in the outflows from April.

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