November 07, 2023 08:34 GMT
China Fuel Exports Slip 5% in October m/m
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.
- The Chinese government said in September it would not increase current export quotas which are running short for refiners.
- A lack of China exports may support global refinery margins, especially for fuels like diesel.
- OilChem estimates that Chinese refiners had used up about 80% of their export allowances by end-September.
- China crude imports rose slightly to 11.53mn bpd in October, but increased flows come against a backdrop off falling runs which are expected to keep dropping in November on the back of weaker export quotas.
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