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China Oil Product Exports Increase in Oct: OilChem

OIL PRODUCTS

China’s oil products exports planned for October are triple September volumes at 4.41m tons so far this month according to consultant OilChem.

  • Gasoline shipments are up sixfold to 1.37m tons m/m
  • Diesel exports have tripled to 1.47m tons
  • Jet fuel exports have tripled to 1.57m tons
  • They report that refiners are losing ~112 yuan/ton exporting gasoline, while making a profit of 925 yuan/ton on diesel exports
  • Last month China issued new product export quotas of 13.25m tons for refined products and they suggest these can be extended to Q1 2023.

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