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China Refined Product Exports to Fall 14% in Feb: OilChem

OIL PRODUCTS

China’s planned exports of refined oil products, namely gasoline, gasoil, and jet fuel, are set to fall 13.65% on the month in Feb to 3.48m mt, according to OilChem.

  • This represents a fall of 7.64% compared to February 2023.
  • The call is likely driven by the eight-day Chinese New Year holiday which is likely to limit production and thus cap exports, OilChem said.
  • It is also estimated that the total refined product supply in the domestic market will fall 1.1m mt on the month in February. However, daily supply is expected to be stable as February has just 28 days.
  • Gasoline demand is expected to gather momentum during the Chinese New Year, boosted by travel, while gasoil demand is likely to remain weak.
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