SUBSCRIBE
PROFILE

Chinese exports of petroleum products up sharply

In March, China saw its exports of clean petroleum products rise sharply, reaching a 14-month high after the Lunar New Year vacation.

Share:

exportations pétrolières Chine

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

According to data from the General Administration of Customs, Chinese exports of clean petroleum products climbed 58% on the previous month and 36.9% year-on-year to 4.55 million tonnes in March. This level had not been reached since January 2023, when exports stood at 5.07 million tonnes.

Impact of the maintenance season

Refining sources indicate that April volumes may be limited despite healthy export margins, due to the maintenance season. Exports in March brought total flows of gasoline, diesel and jet fuel to 10.16 million tonnes in the first quarter, marking a year-on-year drop of 21.2%.

Applications for new export quotas

Sources at state quota holders told S&P Global Commodity Insights that they have requested new export quotas, expected in late April or early May, of up to 18 million tonnes. These sources add that these new quotas will not immediately impact their export rate, forecasting a total quota for 2024 unchanged from 2023, i.e. around 40 million tonnes.

Lower margins expected in April

In April, gasoline exports from three PetroChina refineries in northeast China fell by 71% on March, to around 71,000 tonnes. Despite this, monthly export margins for RON 92 gasoline rose to $8.35/b on April 17, compared with an average of $7.96/b in March.

High margins for diesel should encourage an increase in the proportion of this product in combined flows to maximize margins. Gasoil exports recorded the strongest monthly growth in March, rising 125.4% to 1.42 million tonnes.

  • Popular on energynews.pro
Dangote selects Honeywell to expand refinery capacity to 1.4 million barrels/day
India’s Russian oil imports to drop sharply from December
Baghdad maintains oil output by isolating sanctioned Russian assets
PowerField adds 170 MWp by acquiring and building seven solar parks
Novatek sells liquefied gas with 40% discount to China despite sanctions
Serbia’s Pancevo refinery faces shutdown as US sanctions cut crude supply
Serbia’s only refinery, operated by NIS, may be forced to halt production this week, weakened by US sanctions targeting its Russian shareholders.
Cameroon: Glencore records a 31% drop in oil volumes
Glencore's attributable production in Cameroon dropped by 31% over nine months, adding pressure on public revenues as Yaoundé revises its oil and budget forecasts amid field maturity and targeted investment shifts.
Contrarian strategies outperform hedge fund tracking on Brent market
The profitability of speculative positioning strategies on Brent is declining, while contrarian approaches targeting extreme sentiment levels are proving more effective, marking a significant regime shift in oil trading.
ConocoPhillips, Repsol and Santos revive Alaskan oil with Nuna and Pikka
Alaska is set to record its highest oil production increase in 40 years, driven by two key projects that extend the operational life of the TAPS pipeline and reinforce the United States' strategic presence in the Arctic.
TotalEnergies strengthens position in Nigeria with 90% stake in OPL257
TotalEnergies increases its stake to 90% in Nigeria’s offshore block OPL257 following an asset exchange deal with Conoil Producing Limited.
TotalEnergies and Chevron compete for 40% stake in Mopane oil field in Namibia
TotalEnergies and Chevron are seeking to acquire a 40% stake in the Mopane oil field in Namibia, owned by Galp, as part of a strategy to secure new resources in a high-potential offshore basin.
Rosneft sells 11% of KPC to ease sanctions pressure
The reduction of Rosneft’s stake in Kurdistan Pipeline Company shifts control of the main Kurdish oil pipeline and recalibrates the balance between US sanctions, export financing and regional crude governance.
Lukoil puts pressure on Sofia to finalise refinery divestment
Russian group Lukoil seeks to sell its assets in Bulgaria after the state placed its refinery under special administration, amid heightened US sanctions against the Russian oil industry.
Washington launches new sale of 80 million offshore oil acres
US authorities will hold a large offshore oil block sale in the Gulf of America in March, covering nearly 80 million acres under favourable fiscal terms.
Sinopec to invest $437 million in hydrotreatment unit in Algeria
Sonatrach awarded Chinese company Sinopec a contract to build a new hydrotreatment unit in Arzew, aimed at significantly increasing the country's gasoline production.
Chevron in advanced talks to acquire Lukoil’s international assets
The American major could take over part of Lukoil’s non-Russian portfolio, under strict oversight from the U.S. administration, following the collapse of a deal with Swiss trader Gunvor.
Lukoil shuts down 430 petrol stations in Finland under US sanctions pressure
Finnish fuel distributor Teboil, owned by Russian group Lukoil, will gradually cease operations as fuel stocks run out, following economic sanctions imposed by the United States.
Exxon to close its ethylene plant in Scotland amid market pressures
ExxonMobil will shut down its Fife chemical site in February 2026, citing high costs, weak demand and a UK regulatory environment unfavourable to industrial investment.
Orlen acquires 7.6% of Ekofisk project as DNO reallocates assets
Polish state-owned group Orlen strengthens its North Sea presence by acquiring DNO’s stake in Ekofisk, while the Norwegian company shifts focus to fast-return projects.
Syria signs strategic oil deal with ConocoPhillips and Nova Terra Energy
The Syrian Petroleum Company has signed a memorandum of understanding with ConocoPhillips and Nova Terra Energy to develop gas fields and boost exploration amid ongoing energy shortages.
Fincraft offers revised C$1.75 per share bid to acquire Tethys Petroleum
Fincraft Group LLP, a major shareholder of Tethys Petroleum, submitted a non-binding proposal to acquire all remaining shares, offering a 106% premium over the September trading price.
China increases crude oil stockpiles in October as prices stabilise
As global oil prices slowed, China raised its crude stockpiles in October, taking advantage of a growing gap between imports, domestic production and refinery processing.
Kuwait Petroleum Corporation secures record KWD1.5bn loan to support expansion strategy
Kuwait Petroleum Corporation has signed a syndicated financing agreement worth KWD1.5bn ($4.89bn), marking the largest ever local-currency deal arranged by Kuwaiti banks.
Benin receives offshore unit to relaunch the Sèmè oil field
The Beninese government has confirmed the availability of a mobile offshore production unit, marking an operational milestone toward resuming activity at the Sèmè oil field, dormant for more than two decades.
Baghdad seeks to preserve oil production despite sanctions targeting Lukoil
The Iraqi Prime Minister met with the founder of Lukoil to secure continued operations at the giant West Qurna-2 oil field, in response to recent US-imposed sanctions.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.