China’s June diesel exports fall by 50% year-on-year

Oil

China’s diesel exports declined by 90K b/d m-o-m to 260K b/d in June, falling by 250K b/d (or 50%) year-on-year to the lowest level since September 2018, according to China customs data. Gasoline exports increased by 30K b/d m-o-m to 210K b/d, recovering slightly from levels in May which were the lowest since February 2019. Exports of jet fuel were down by 120K b/d (or 38%) year-on-year, despite rising by 60K b/d m-o-m to 200K b/d.

Exports of refined oil products from China have been drastically reduced since May, as refiners have looked to capitalise on recovering fuel demand in the domestic market following the easing of coronavirus restrictions, Reuters report.