China's gasoline exports have plummeted due to negative export margins and the depletion of government-mandated export quotas.
Chinese gasoline exports slumped by 44% in August from a year earlier as export margins turned negative and refiners started using up their government-mandated export quotas. China exported 770,000 tons of gasoline last month, down by 44% compared to August 2023, according to Chinese customs data quoted by Bloomberg. Refiners have been struggling with weak refining margins and low and sub-zero export margins on fuels amid weaker-than-expected demand in the region.
Refining margins have also slumped in recent weeks across Asia and China, and Chinese refining output has declined. Refining margins across Asia fell in the first week of September to their lowest level for this time of year since 2020, which could lead to more curbs on run rates at Asian refiners, including in China. In August, Chinese refiners were estimated to have processed around 12.6 million barrels per day bpd of crude oil, down by nearly 10% compared to July and 17.
Gasoline Exports Refining Margins Demand Quotas Crude Oil Asia Fuel Supply Refining Utilization.
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