China’s Refined Oil Exports Halve Even as Demand Spikes

China’s refined oil exports plunged by more than half in the first six months of 2022 as domestic refineries slowed output despite global gasoline and diesel prices rising, according to an industry group.

Shrinking export quotas significantly contributed to the 54.7% year-on-year decline, said Fu Xiangsheng, vice chairman of the China Petroleum and Chemical Industry Federation. He said roughly 30% of the country’s refining capacity went unused, compared with a global average of about 10%.