China's fuel exports increase refinery output
The increase in fuel exports and the reduction in oil imports reflect China's move toward boosting domestic refining and balancing its energy market. In September, Chinese refineries saw a 56% rise in gasoline and diesel exports compared to the same month last year, despite a 21.5% decline in oil imports, alongside a 2.2% increase in domestic oil production. This led China to draw down its oil inventories by an average of 529,000 barrels per day, supported by higher refinery consumption and eased export restrictions, illustrating Beijing's efforts to meet demand and achieve a balance between domestic production and exports.
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