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Asia: Sluggish Chinese Demand Prompts Higher Product Exports

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China’s Ministry of Commerce released last week an additional 1.5 million tons of export quotas for for jet, gasoil and gasoline. The market is awash with talk that up to 15 million tons of quotas could be released soon. Part of the reason may be that China’s domestic oil demand is expected to remain sluggish until at least end October. Covid-19 lockdowns in several cities and the introduction of tighter Covid-19 restrictions are expected to further curtail travel and weigh on jet and gasoline demand.

Topics:
Oil Products, Oil Demand, Oil Trade, Refining
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