MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

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CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

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MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

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MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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China’s Refined Oil Exports in March Rise 58%: OilChem

OIL PRODUCTS
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China’s refined oil exports totalled 4.55m mt in March, up 58.28% on the month, according to OilChem, citing GACC data.

  • This is a rise of 37% compared to March 2023.
  • By product type, exports consisted of 1.15m mt of gasoline, 1.42m mt of gasoil, and 1.98m mt of jet fuel.
  • Exports have risen primarily due to weaker domestic demand and moderate export profits.
  • Domestic gasoil consumption weakened in March as travel demand fell following the end of the New Year holiday in February.
  • Improved export profits also helped to boost gasoline exports.
  • Exports of jet fuel continued momentum amid a continued recovery in the aviation market.

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China’s refined oil exports totalled 4.55m mt in March, up 58.28% on the month, according to OilChem, citing GACC data.

  • This is a rise of 37% compared to March 2023.
  • By product type, exports consisted of 1.15m mt of gasoline, 1.42m mt of gasoil, and 1.98m mt of jet fuel.
  • Exports have risen primarily due to weaker domestic demand and moderate export profits.
  • Domestic gasoil consumption weakened in March as travel demand fell following the end of the New Year holiday in February.
  • Improved export profits also helped to boost gasoline exports.
  • Exports of jet fuel continued momentum amid a continued recovery in the aviation market.

Keep reading...Show less