China oil product exports rising as domestic demand growth slows

China exported 52 million tonnes of oil products (including fuel oil) in 2017, as refineries to take advantage of decent refining margins at home and abroad, with the government issuing generous export quotas.


 
China’s apparent oil demand growth will slow to 4.6% this year compares with 5.9% for last year. Competition in the oil products market will intensify with the launch of new refining capacities, the excess refining capacity is expected to reach 2mbpd this year. The state-owned oil company Sinopec group expects China’s oil product exports will rise by 4% this year and continue to keep rising in the medium to long-term. Similarly, the other state-owned oil company China National Petroleum Corp (CNPC) also plans to ramp up its net diesel exports and gasoline exports by 47%  and 23% respectively this year in its latest annual report.

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