October 24, 2024 10:37 GMT
OIL PRODUCTS: China’s Sep Refined Oil Exports Fall 16% on Month: OilChem
OIL PRODUCTS
China’s exports of refined oil – gasoline, gasoil, jet fuel – fell 16.16% on the month at 2.69m mt in September, according to OilChem citing GACC data.
- This represents a fall of 27.60% year-on-year, OilChem added.
- The monthly drop was primarily attributed to inflows from the Midde East amid geopolitical uncertainties, coupled with the end of the summer travel peak in the Northern Hemisphere, which hit export margins.
- China’s jet fuel exports have been robust throughout 2024, constituting 60% of total exports in September.
- It is expected that there are still around 12m mt of export quotas unconsumed after counting the third batch released in late September.
- With domestic consumption restricted be alternative energy sources, refined oil exports are projected to remain high in Q4.
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