Nation 'to be net exporter' of oil products
Updated: 2014-11-28 07:59
By Du Juan(China Daily)
|
|||||||||||
China is likely to become a net exporter of oil products this year as domestic refiners continue to request export quotas, said international commodities data provider Platts.
In an unprecedented development, China became exactly balanced in oil products trade for the first 10 months of this year, with imports and exports staying at exactly the same volume, Platts said on Wednesday.
"There appears to be more room for exports to grow right until the end of the year," said Song Yanling, a senior analyst with Platts China.
Refined oil product imports tumbled 22.2 percent year-on-year to 2.28 million metric tons in October, while exports soared 30.3 percent to 3.14 million tons, according to the General Administration of Customs.
As a result, China was a net exporter of oil products in October, with volume hitting a record high of 860,000 tons.
Diesel exports soared 22.4 percent to 300,000 tons in October while domestic production was up 5.6 percent to 15.36 million tons.
Demand for diesel in October climbed 5.3 percent to 15.06 million tons-the fastest rate since September 2012.
Gasoline exports reached a four-year high of 670,000 tons in October, while domestic output soared 14.9 percent to 9.54 million tons.
Li Li, research and strategy director at consultancy ICIS C1 Energy, said the reason for the drop was that domestic refineries tend to reduce the use of fuel oil as a raw material when they have more choices in the market.
"It is certain that China will export more oil products as domestic capacity continues to grow," she said.
Related Stories
China raises retail prices of oil products 2014-05-23 19:45
Gasoline, diesel prices hiked 2014-06-24 07:07
Industrial gas prices to increase by 20% 2014-08-13 07:06
China may cut oil price on crude retreat 2014-08-18 08:35
Fall in oil price shuts down small refineries 2014-10-21 17:36
China likely to cut retail gas prices again 2014-10-25 13:51
Today's Top News
UK brothers jailed for attending terror camp
British couple arrested on suspicion of Syria-related 'terror offences'
Lang Lang wins Spanish music award
More help sought to get fugitives back
Soccer to become required course in China's schools
E-commerce retailers' service for Black Friday
Star bucks compromise quality?
Nation mulls end of death penalty for some crimes
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Blue skies ready to greet APEC |
Growth pangs |
Sea change |
'Old newcomers' |
General aviation hub reaches for the sky |
Endangered species threatens livelihoods |