China’s June diesel exports sees record slump since September 2018
China’s diesel exports for June fell by 50% year-on-year, a record low since September 2018 as lockdown measures around the world continued to curb fuel demand.
China exported has 1.04 million tons of diesel, compared to the 1.45 million and 2.07 million tons in May and June last year respectively, data from the General Administration of Customs showed on Thursday.
Gasoline exports were 760,000 tons last month, which was up from a 14-month low of 680,000 tons in May.
Liquefied Natural Gas (LNG) imports last month were 5.79 million tons, up 29.2% from the same month last year.
The world’s second-largest oil consumer cut back refined fuel exports since May as refiners returned to the domestic market, where fuel demand recovered lockdown restrictions lossened.
However, as crude oil output rose to a record high in June, refiners saw it challenging to find markets that could absorb excess oil products.
In addition, recent torrential downpours and severe floods in southern China also lowered fuel demand.