🇨🇳🛢 China cuts diesel exports as domestic stocks fall According to traders and calculations based on trade data, Chinese refineries have sold only around 500,000 metric tonnes of diesel for shipment through the end of November, after a sharp rise in exports since July reduced domestic inventories to multiyear lows. China began easing export controls in July. Diesel exports subsequently surged to multiyear highs of 1.33 million tonnes in August and 1.8 million tonnes in September, depleting domestic stocks. Despite strong export margins, which reached 800 yuan ($120.30) per tonne last week, reducing diesel exports became necessary as steady domestic demand and lower-than-expected refinery output drained inventories, Reuters reports. According to Oilchem, wholesale diesel prices in the refining hub of Shandong province surged above 10,000 yuan per tonne, reaching their highest level since 2018. Over the past week, Chinese refineries restricted diesel sales to major domestic end users and dealers. In some cases, they required buyers to purchase three tonnes of petrol for every tonne of diesel, seeking to maximise profits amid weaker petrol demand. Truck drivers in several provinces reported on social media that some filling stations were rationing diesel sales. #info #resources #China
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