Oil Report

China's Nov gasoline exports rise to record as refiners ramp up output

    SINGAPORE/BEIJING, Dec 23 (Reuters) - China's gasoline exports in November
nearly tripled from a year ago to an all-time high, as refiners processed crude
at near record rates to take advantage of sturdy profit margins at home although
domestic demand for the motor fuel remained sluggish.
    Gasoline shipments were 1.84 million tonnes last month, data from the
General Administration of Customs showed on Monday. That compares to the
previous record at 1.73 million tonnes in October and 630,000 tonnes in November
    Diesel exports climbed to 2.21 million tonnes, up from 1.19 million tonnes
in October and nearly 80% higher than a year earlier. 
    China's crude oil throughput in November rose 10.1% from a year earlier to
the second-highest level on record, as refineries in the world's no. 2 oil
consumer ramped up production to cash in steady profit margins.
    The growth in exports comes as domestic gasoline demand slips due to an
extended slowdown in new car sales. Diesel consumption, on the other hand, has
received stronger-than-expected support from the mining and construction
    Jet kerosene exports rose to 1.62 million tonnes in November from 1.58
million tonnes the previous month and 1.54 million tonnes in the same month last
    Meanwhile, imports of liquefied natural gas rose to the second-highest
monthly level on record, up 9.4% on the year at 6.51 million tonnes. Imports
were 4.04 million tonnes in October.
    Below is the latest customs data on fuel exports in millions of tonnes and
imports of liquefied natural gas, or LNG, in millions of tonnes.
 Products      Nov    y/y %    Jan-Nov     y/y % change
 Gasoline       1.84    189.9       14.64           26.2
 Diesel         2.21     79.4       19.75           16.4
 Jet fuel       1.62      5.5       15.71           19.6
 LNG            6.51      9.4       53.85           13.4

 (Reporting by Chen Aizhu in Singapore and Beijing newsroom; Editing by
Subhranshu Sahu)