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OIL PRODUCTS: China Oil Product Exports Slide to 18-Month Low

OIL PRODUCTS
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China’s oil product exports fell to an 18-month low in October according to customs data as flows continued to be hit by weak export margins. 

  • Oil product exports from China including gasoline, diesel, jet and marine fuel fell to 3.96 mn metric tons compared to 5.19mn in September and down 21.4% y/y.
  • China's finance ministry announced on Friday it would reduce the export tax rebate rate for some refined oil products from 13% to 9% beginning on Dec. 1, a move that is expected to deal a further blow to already weak refining margins.
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China’s oil product exports fell to an 18-month low in October according to customs data as flows continued to be hit by weak export margins. 

  • Oil product exports from China including gasoline, diesel, jet and marine fuel fell to 3.96 mn metric tons compared to 5.19mn in September and down 21.4% y/y.
  • China's finance ministry announced on Friday it would reduce the export tax rebate rate for some refined oil products from 13% to 9% beginning on Dec. 1, a move that is expected to deal a further blow to already weak refining margins.