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China’s Refined Oil Exports Rise 6.7% in Nov

OIL PRODUCTS

China’s refined oil exports were 3.64m mt, up 6.7% on the month but down 24.8% on the year, according to GACC data, cited by OilChem.

  • This put exports at 133% of their original planned quantity, the highest this year.
  • OilChem said the reason for the higher export level was that October exports were only 82% of those planned, so some shipments rolled over into November.
  • Across Jan-Nov, total refined exports were 38.94m mt, up 37.8% on the year.
  • Exports are unlikely to exceed expectations in December due to narrowing export profits and scarce export quotas.
  • Planned export volumes for December are 2.63m mt, OilChem said.

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