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Analysts believe China’s increasing oil export is a sign of a domestic glut

In July refining sector exported the highest part of the output since April 2010.

03.Aug.16 2:46 AM
By Alesya Davydova


Analysts believe China’s increasing oil export is a sign of a domestic glut
Chinese gasoline producers nearly doubled their exports in June with more than 1 million mt. The analysts from the believe it highlights growing oversupply in China. It is expected that the tendency will be growing in the coming months.

A monthly increase of Chinese gasoline from May to June got 46%, the General Administration of Customs says. Platts China Oil Analytics suppose that exports will most probably hit 1.3 million mt in July.

The refining sector produced 11 million mt of gasoline – higher than ever since April 2010. Chinese refiners are now taking measures not to present their products on the international area.

"Refiners prefer to sell their barrels on overseas markets even though the FOB Singapore 92 RON gasoline crack has narrowed to an extremely low level," a Beijing-based products trader said. "It is because the margin is much lower on the domestic market than for exports."

For the first half of the year Singapore remains the main destination on 52.7% of China's gasoline exports.

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