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Chinese Clean Product Exports Surged Late 2022

OIL PRODUCTS

Chinese clean product exports:

  • Chinese refiners have exported nearly 34mt of clean fuel in 2022, with monthly exports surging to an all-time high to 6.8mt in December according to Vortexa. Exports were prompted by an unusual batch of export quotas in late September in part to spur economic activity in the refining sector.
  • If the refiners continue to utilise the remaining 2022 quotas in Q1 this year, China’s product exports are likely to continue doubling year-on-year in the coming months.
  • Vortexa expects the subsequent export quotas to reduce as demand recovers from Q2 as the country recovers from lockdown restrictions.

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