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China’s Refined Oil Exports Down 40% in April: OilChem

OIL PRODUCTS
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China’s exports of refined oil - gasoline, gasoil, and jet fuel - totalled 2.75m mt in April, down 39.5% on the year, OilChem said, citing GACC data.

  • Exports totalled 12.92m mt over the period Jan-April, down 14.85% on the year.
  • The drop in exports was primarily driven by falling numbers for gasoline and gasoil, down 64.9% and 46.4% respectively.
  • This was due to refinery maintenance, uneconomic export profits, and depleting refined oil export quotas.
  • Refined oil exports are planned at 3.92m mt in May, although the actual exports could be higher than April amid sufficient export quotas and weakening domestic demand.
  • CDU capacity utilisation rates at domestic state-owned refineries averaged 78.15% in April, down 1.93 percentage points on the month amid extensive maintenance.

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China’s exports of refined oil - gasoline, gasoil, and jet fuel - totalled 2.75m mt in April, down 39.5% on the year, OilChem said, citing GACC data.

  • Exports totalled 12.92m mt over the period Jan-April, down 14.85% on the year.
  • The drop in exports was primarily driven by falling numbers for gasoline and gasoil, down 64.9% and 46.4% respectively.
  • This was due to refinery maintenance, uneconomic export profits, and depleting refined oil export quotas.
  • Refined oil exports are planned at 3.92m mt in May, although the actual exports could be higher than April amid sufficient export quotas and weakening domestic demand.
  • CDU capacity utilisation rates at domestic state-owned refineries averaged 78.15% in April, down 1.93 percentage points on the month amid extensive maintenance.

Keep reading...Show less