China April Oil Product Export Falling as Pandemic Erodes Demand
China is poised to cut oil product exports in April as lockdowns across the world to limit the coronavirus pandemic sapped global demand, according to refiners, traders and analysts.
State-run refining giant Sinopec sees limited oil product exports in Q2 compared with the same period last year as the number of willing buyers in the international market dwindled following the pandemic, Sinopec's Senior Vice President Ling Yiqun said last week, S&P Global reported.
One of its units Guangzhou Petrochemical has cut its jet fuel exports further by 70% to around 30,000 mt in April from normal level of 100,000 mt/month, according to a company source.
Another state-owned integrated oil and gas giant PetroChina slashed its April exports from March for its refineries, including cutting a half to 60,000 mt from its Liaoyang Petrochemical and 22% reduction to 350,000 tons from its exporting-oriented West Pacific Petrochemical Corp. or Wepec.
Moreover, its subsidiary Guangxi Petrochemical, which exports up to 370,000 tons per month, planned to suspend exports and extend its shut down despite the 50-day maintenance that finished end-March.
The refinery exported 290,000 mt and 325,000 tons of oil products in February and March, respectively, during the maintenance. Sinochem Quanzhou Petrochemical was also said to reduce its product exports.
A Singapore-based market observer said that China's gasoline exports loading slowed down in the second half of March to about 760,000 tons compared with 950,000 in H1 March, suggesting the declining trend began as the pandemic spread.
source: Financial Tribune
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