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China Product Exports to Increase in November

OIL PRODUCTS

China's refined oil product exports in November are set to reach the highest since April 2020 according to Reuters sources.

  • China's crude oil throughput could rise by up to 500kbpd in November, a 4% increase from October.
  • The increase is likely to be driven by increased output from Sinopec and as two new refineries PetroChina Guangdong Petrochemical and Shenghong Petrochemical prepare to start operations.
  • Production is likely to be focused on diesel at the expense of gasoline with global diesel inventories well below normal levels and due to weak gasoline demand.
  • Diesel exports may reach 1.8m to 2.2m tonnes for the month and gasoline exports could rise to as much as 2m tonnes. In September China added an additional 13.25m tonnes of fuel exports quota to help boost the economy and to capture the higher margins.
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