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OIL PRODUCTS: China to Cut Oil Product Exports 20% m/m in September: OilChem

OIL PRODUCTS

Refiners in China are forecast to cut oil product exports by 20% m/m to 2.59m tons in September, according to Mysteel OilChem cited by Bloomberg. 

  • Gasoline exports in September are expected down 51% m/m to 460k tons, diesel down 5% m/m to 380k tons and kerosene to fall 7.4% m/m to 1.75m tons.
  • China's total exports of refined oil products fell 6% y/y to 4.98m tons for July, General Administration of Customs showed earlier this month. China's gasoline exports fell 35.7% y/y to 790k metric tons as refiners lowered crude runs amid weakening profit margins and soft domestic demand. Diesel exports also fell by 41% y/y to the lowest since June 2023 to 540k tons.

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