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China Refined Oil Exports to Fall to 2.73m Tonnes in Nov: OilChem

OIL PRODUCTS

China’s refined oil exports are planned at 2.73m tonnes in November, a drop of 19.94% MoM according to an OilChem survey. Exports are expected to decline further to 2.5-2.7m tonnes in December based on the remaining export quotas.

  • Refined oil exports in October were less than expected having fallen 8.33% mom, to 3.41m tonnes according to China customs data yesterday. Chinese gasoline exports fell 29% on the month to 770k tons in October, diesel exports fell 6% to 1.11m tons, but jet fuel exports rose by 5.5% to 1.53m tons.
  • The weak exports are driven by insufficient refined oil export quotas, volatile export profits, falling state-owned refineries capacity utilization rates and the end of the overseas travel peak according to OilChem.
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