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China's Fuel Exports Surge

China's Fuel Exports SurgeChina's Fuel Exports Surge

China’s diesel and gasoline exports surged in the first half of the year, as a domestic supply glut and slowing demand growth prompted refiners to sell more fuel abroad. Diesel shipments jumped almost 21% in the first six months compared with the same period of a year ago, averaging about 328,500 barrels a day, according to Bloomberg calculations based on data posted on Sunday on the website of the General Administration of Customs. Gasoline exports rose 8.1%, averaging nearly 222,000 barrels a day, Bloomberg reported. China’s state-run fuel makers have sent more fuel overseas to draw down stockpiles that have swollen, thanks to a refining capacity glut and higher production from independent refiners, known generally as teapots. The nation’s gasoline and diesel demand growth has been slowed by alternative transportation such as shared bicycles, as well as gas-fed vehicles and electric cars, according to ICIS China, a Shanghai-based commodity researcher.

 

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