China plans to export 12.4% less fuel in November

China plans to export 12.4% less petroleum products in November compared to this month, Chinese media report. reportquoting the OilChem review.

The total volume of fuel exports is planned at 2.54 million tons, of which 800 thousand tons of gasoline, 180 thousand gas oil and 1.56 million tons of kerosene. Gasoline distribution is 3.9% higher than the October distribution, gasoil exports are scheduled to be 28% lower than the October distribution, and kerosene exports will be 18% lower than in October, the study also showed.

Refinery throughput rates continued to decline, while exports fell. falltoo much. September volume was 5.2 million tons, down 4.5% from a year earlier. Of these, gasoline exports amounted to 730,000 tons, down 33% from last year, and diesel exports stood at 350,000 tons, a sharp drop both from last year and from the previous month. Exports of jet fuel increased by only 11.8%.

Earlier this month, China released its latest quarterly batch of fuel export quotas, which totaled 9 million tons. The majority of the quotas are clean refined fuels, with the remaining 1 million tonnes coming from bunker fuels. Almost 6.4 million tons of new quotas were issued to state-owned refiners, including Sinopec, CNPC and CNOOC.

This latest shipment will bring the total fuel export quota for the year to 54 million tonnes, the report said, virtually unchanged from 2023 quotas.

Chinese refiners have been struggling with falling profitability lately, with output falling 10% to 12.6 million barrels per day in August as sector players curbed output to protect profits. Meanwhile, they added 3.2 million barrels per day of stockpiles, which would be the biggest monthly stockpile increase since 2015, commodity analysts ING wrote in a recent note.

Irina Slav for Oilprice.com

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