Background on China’s Petroleum Exports
China, the world’s largest oil importer, has experienced a 1% year-on-year decrease in its refined petroleum exports for September, according to customs data released on Saturday. This decline follows an 3.6% drop from August figures, highlighting a slowdown in China’s petroleum export sector.
Key Export Figures
- Diesel: Exported diesel increased by 46.7% year-on-year, reaching 510,000 metric tonnes (approximately 126,650 barrels per day). However, over the first nine months of 2021, diesel exports fell by 28% compared to the same period in the previous year, totaling 5.08 million tonnes.
- Gasoline: In September, gasoline exports amounted to 650,000 metric tonnes, marking a 10.7% year-on-year decline. From January to September, China exported 6.33 million tonnes of gasoline, a 12.3% decrease compared to the same period in 2020.
- Aviation Fuel: Exports of aviation fuel rose by 2.8% year-on-year to reach 1.66 million metric tonnes in September. Over the first nine months, aviation fuel exports increased by 5.4% to total 15.39 million metric tonnes.
Natural Gas Liquefaction (GNL) Imports
In addition to the refined petroleum exports, China’s imports of liquefied natural gas (GNL) also fell by 14.7% year-on-year in September, totaling 5.75 million metric tonnes. Over the first nine months of 2021, GNL imports decreased by 16.7% compared to the same period in 2020.
Key Questions and Answers
- What are the main reasons for China’s declining petroleum exports? The slowdown in China’s petroleum export sector can be attributed to factors such as reduced demand due to the ongoing COVID-19 pandemic, stricter environmental regulations, and a shift towards domestic consumption.
- How does China’s decline in petroleum exports impact global markets? The decrease in Chinese petroleum exports may lead to lower demand for crude oil, potentially affecting global oil prices and trade balances. It could also signal a shift in China’s energy consumption patterns, with an increased focus on cleaner and more sustainable energy sources.
- What is the significance of China’s declining GNL imports? The reduction in GNL imports reflects China’s efforts to balance its energy mix, prioritizing domestic natural gas production while also considering the environmental impact of liquefied natural gas imports.
