Chinese gasoil exports to surge this month as reported by five major exporters

摘要

The five holders of refined-product export quotas,China National Offshore Oil Co.,China North Industries Group Corp.Ltd.(Norinco),PetroChina,Sinochem,and Sinopec plan to send out 2.10MM mt(563K b/d)of gasoil,which will be the highest monthly volume since 2.17MM mt(525K b/d)in Oct.2020.In addition,three refineries,Sinopec's 80K-b/d Fujian Refining and Petrochemical,PetroChina's 200K-b/d Liaoyang Petrochemical,and Norinco's 120K-b/d Huajin refinery,which did not export any gasoil in Jan.,collectively plan to export 200K mt(53.6K b/d)this month.The uptick in imports was brought on by the need to draw down stocks as domestic consumption has been slowing since the end of Jan.According to S&P Global Platts,China is expected to consume 3.6MM b/d of gasoil this month,which will be 11% lower compared to Jan.