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China's diesel exports set to rise in 4q15

Oil

China's diesel exports could exceed the 670Kt (165 kb/d) record set in June in the 4q15 as refinery output increases while domestic demand growth slows, reports Bloomberg. The government has already allocated higher product quotas for 4q15 of 9.9Mt, almost triple the 3.4Mt awarded in 3q15, enabling refiners to raise exports. China is increasing refinery runs (despite excess diesel supply) in order to meet growing gasoline demand, which is likely to be boosted further near-term as public holidays in September and October boost travelling. China's gasoline demand is forecast to rise 4.8% y-o-y in 2015 to 2.36 mb/d, while diesel consumption is set to fall by 3.4% to 3.3 mb/d, according to the latest forecasts from the International Energy Agency.