Regional crude runs have surged to a record high and are 1.3mn b/d up on a year ago, after increases in China, Japan and Singapore in November.China is facing a diesel shortage, after a surge in the use of private electricity generators. Pressure from Beijing on power firms to meet target cuts in energy intensity have led to a temporary reduction in electricity output from coal-fired plants, leaving industry facing supply cuts. Refiners lifted throughputs to a record 8.9mn b/d in November, aided by a number of capacity expansions, and the country is importing diesel again for the first time in over two years. Net product imports were over 700,000 b/d in November, compared with 260,000 b/d in the previous 10 months. This was the highest level of imports since July 2008, when China last had a diesel shortage.
展开▼
