China exports more diesel as local demand slows
2/15/2016 12:00:00 AM
By Adam Rose
BEIJING, Feb 15 (Reuters) -- China's crude oil imports fell 20% in January from record high volumes the previous month to their lowest level since October, official customs data showed on Monday.
January crude oil imports were also down 4.6% on a year earlier at 26.69 million tons, or 6.29 million bpd.
China's imports reached a record 7.81 million bpd in December to close out 2015 with an average 6.71 million bpd -- a figure well above China's still growing demand for oil.
China took advantage of low global oil prices last year to add up to 185 million bbl to its reserves, Reuters calculations show, while oil demand -- refinery throughput plus net imports of oil products -- grew by 3.1%.
In January, fuel exports rose 45.2% to 3.01 million tons, or 679,700 bpd, after hitting a record 975,500 bpd in December, as China continued to export more diesel amid weakening demand for the industrial fuel.
Diesel exports in the first quarter of 2016 may high a record high for that period, flooding Asia with supply at a time when profit margins are close to six-year lows, industry sources have said.
Net fuel exports were 350,000 tons in January.
(Reporting By Adam Rose; Editing by Richard Pullin)
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