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Chinese Diesel Exports Boosted in February on Weak Domestic Market

OIL PRODUCTS

China diesel exports were at a one-year high last month as a weak domestic market pushed higher volumes overseas.

  • China exported 1.42 million tons of the fuel (or 342,000 bpd), more than double the volume in February according to official figures.
  • Chinese diesel output increased to 18.7 million tons in March - the highest since October.
  • Chinese refiners still await the second batch of oil product export quotas for the year. OilChem expects the quota to be 18mn tons and to be issued in May.
  • It forecasts that refiners will boost oil product exports this month on the expectation of the new quotas.
  • Declining global diesel cracks will however hamper Chinese refiner profits on the export market.
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