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China's diesel and gasoline exports continued to rise in November, reaching their highest levels since June and May 2021 respectively, as refiners raced to exhaust their 2022 export quotas and sell off growing stockpiles.
China shipped 2.1 million tonnes of diesel last month, double the level in October and up from 600,000 tonnes in the same period in 2021, data from the General Administration of Customs showed on Sunday.
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Gasoline exports were 1.49 million tonnes in November, compared to 1 million tonnes in the previous month and 810,000 tonnes a year earlier.
The flood of fuel shipments followed China's surprise decision in September to issue 15 million tonnes of additional export quotas as the country scrambled to jumpstart its pandemic-hit economy.
Refiners have also scrambled to boost exports to mitigate product inventory pressure as the government's zero-Covid-19 measures have reduced domestic demand for crude.
Diesel and gasoline output were expected to fall in November from the previous month by 1.3% and 2.8% respectively, according to Chinese consultancy Longzhong.
Jet fuel exports also rose in November, rising 8.6% from October to 1.26 million tonnes, due to the recovery in international travel out of China.
Source: Muyu Xu and Dominique Patton | Notícias Agrícolas
