SINGAPORE (Reuters) – China’s diesel and gasoline exports continued to rise in November, hitting their highest levels since June and May 2021 respectively, as refiners raced to exhaust their 2022 export quotas and sell off rising stocks.
China shipped 2.1 million tonnes of diesel last month, double the October level and up from 600,000 tonnes in the same period of 2021, data from the General Administration of Customs showed on Sunday.
Gasoline exports were 1.49 million tons in November, compared to 1 million tons in the previous month and 810 thousand tons in the previous year.
The flood of fuel shipments followed China’s surprise decision in September to issue an additional 15 million tonnes of export quotas as the country struggled to rev up its pandemic-hit economy.
Refineries have also struggled to boost exports to mitigate product inventory pressure as the government’s Covid-19 zero measures have reduced domestic demand for oil.
Diesel and gasoline production were expected to fall in November from the previous month by 1.3% and 2.8% respectively, according to Chinese consultancy Longzhong.
Jet fuel exports also increased in November, rising 8.6% from October to 1.26 million tonnes, due to a recovery in international travel outside China.
(Reporting by Muyu Xu and Dominique Patton)
#Chinas #Diesel #Gasoline #Exports #Jump #November #highest #level #year #ISTOÉ #DINHEIRO