China plans to export 2.53 mil mt of oil products in Jun
According to industry sources, oil products exports from China in June are expected to be 2.53 mil mt, down 20.44% from 3.18 mil mt in May but up 40.74% from the same period last year.
Gasoline exports are expected to be 980,000mt, down 24.03% on month while gasoil exports were forecast to fall 17.99% on month to 1.55 mil mt.
Total oil products exports from China during January to June are expected reach 20.59 mil mt including 8.785 mil mt of gasoline and 11.805 mil mt of gasoil, up 12% and 9% respectively from the same period last year. Oil products exports rose in the first quarter of this year but are likely to drop in the second quarter.
With the domestic and global economy recovering in 2021, oil products exports from China have been stable since the second half of last year, a favorable sign for the rest of year. On the other hand, with many refineries in China undergoing maintenance in the second quarter, domestic wholesale prices surged, resulting in losses incurred when exporting cargoes. Moreover, the COVID-19 situation in countries such as India was severe and demand receded. Therefore, state-owned oil companies in China revised down their planned export volumes and focused on domestic sales.