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China’s 2021 diesel exports sink to 5-year low, LNG imports hit record high

SINGAPORE : China’s diesel exports in December sank to their lowest month-to-month stage since March 2015, bringing the 2021 whole to the bottom since 2016 at 17.21 million tonnes, knowledge confirmed on Tuesday.

December exports of diesel slumped to 330,000 tonnes, down 78per cent from a yr earlier, amid diminishing export quotas and as refiners curbed runs in response to a slowdown in home demand, knowledge from the General Administration of Customs confirmed.

Total refined gasoline, together with diesel, gasoline, aviation gasoline and low-sulphur gasoline oil, fell 45per cent from a yr earlier to 3.23 million tonnes final month, the bottom month-to-month stage since July 2020.

A diesel crunch triggered by energy rationing within the third quarter proved short-lived and the home market flipped again right into a surplus, analysts stated, as mirrored in nationwide refinery output, which fell final month by practically 5per cent from November and 2per cent from a yr earlier.

Gasoline exports had been 940,000 tonnes, rising from November’s 810,000 tonnes however down 35per cent from the identical interval final yr. Annual exports fell 9per cent to 14.54 million tonnes, a three-year low.

December jet gasoline exports had been 590,000 tonnes, down from November’s 940,000 tonnes.

Rigid border controls and increasing lockdowns in elements of the nation to comprise a resurgence of COVID-19 and pre-empt the extremely contagious Omicron variant dampened demand for gasoline and jet gasoline.

China’s annual refined gasoline exports dropped 2.4per cent over 2020 to 60.31 million tonnes, within the first decline since at the very least 2015, as the federal government tightened export quotas to discourage extreme home refinery manufacturing.

Tuesday’s knowledge confirmed imports of liquefied pure gasoline (LNG) at 7.63 million tonnes in December, versus 6.9 million tonnes in November however up simply 1.6per cent versus the year-earlier stage as stubbornly high Asian spot costs damage import urge for food.

An all-time month-to-month record high was set in Jan 2021 at 8.49 million tonnes

Imports for the entire yr totalled a record 78.93 million tonnes, up 18.3per cent from 2020, making the nation the world’s largest purchaser of the super-chilled gasoline.

Below are particulars of gasoline exports in metric tonnes and imports of LNG in thousands and thousands of tonnes, with share adjustments as supplied by customs.

Export Dec-21 y/y 2021 y/y change per cent

change per cent

Gasoline 940,000 -35.2 14,540,000 -9.1

Diesel 330,000 -78.1 17,210,000 -12.9

Jet gasoline 590,000 36.5 8,560,000 -14.2

Import

LNG 7.63 1.6 78.93 18.3

(Reporting by Chen Aizhu; Editing by Jacqueline Wong and Pravin Char)

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