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China Oil Exports Surge Amid Iran War Tensions
18 Sep
Summary
- China's refined oil product exports climbed 12.7% year-on-year in August.
- Record jet fuel exports marked a significant increase in August.
- Diesel exports also saw a substantial rise in August.
In August, China's exports of refined oil products saw a notable increase of 12.7% compared to the previous year. This rise was influenced by global events, including the Iran war, which impacted international supply dynamics.
Jet fuel exports in August hit a new monthly record, climbing 41.4% year-on-year. Diesel exports also showed strong performance, increasing by 42.1% compared to the prior year and reaching their highest level since March 2024.
These export figures come as China has been easing its restrictions on refined oil product shipments, which were initially implemented in mid-March to secure domestic supplies. The easing of controls, expected to continue, allows Chinese refiners to benefit from improved profit margins in the global market.
Despite the monthly surge, year-to-date exports for refined oil products from January to August were down 9.6% compared to the same period last year. Conversely, LNG imports saw a decline of 17.8% in August.
