By Chen Aizhu

SINGAPORE (Reuters – China’s Diesel Exports dropped to December 2015 at the lowest rate since March 2015. This brought the total for 2021 to 17.21 Mt, the lowest number since 2016, data revealed on Tuesday.

Decent diesel exports dropped to 330,000 tons, 78% lower than one year prior, due to decreasing export quotas. Refiners also cut runs to counter a slower domestic demand. Data from the General Administration of Customs revealed that December diesel exports plummeted to 330,000 tonnes in December.

The total refined fuel (including gasoline and diesel) fell by 45% last month to 3.23 millions tonnes, which is the lowest monthly figure since July 2020.

The diesel shortage that was caused by power rationing during the third quarter of last year proved temporary and domestic demand rebounded to surplus. Analysts said this is reflected in decline in national refinery production, which dropped by almost 5% in November and by 2% compared with a year ago.

The 940,000-tonne gasoline exports rose from November’s 810,000 tones but were down 35% over the same time last year. Three-year high, annual exports dropped 9% to 14.54 millions tonnes.

December’s jet fuel exports fell to 590,000 tonnes from November’s 940,000.

To contain the resurgence in COVID-19, tighter border control and expanded lockdowns were implemented throughout the country. This was done to prevent the spread of Omicron variant which is highly contagious. It also dampened the demand for petrol and jet fuel.

China saw its annual crude oil exports fall 2.4% in 2020 to 60.31million tonnes. It was the first decrease since 2015.

Tuesday’s data shows that December saw imports at 7.63 Million Tonnes of Liquid (LNG), compared to 6.9 Mtn in November, but only 1.6% more than the same period last year. This is due to persistently high Asian spot market prices. hurt import appetite.

January 2021 saw 8.49 Million tonnes become a new monthly record.

The country was the largest purchaser of super-chilled oil, with imports totalling a record 78.93 millions tonnes. This 18.3% increase over 2020.

These are detailed details on fuel exports per metric tonnage and LNG imports per million tonnes. Customs may change the percentages.

Export Dec-21 y/y 2020 y/y increase %

Change %

Gasoline 940,000 35.2 14,540,000 9.1

Diesel 330,000 -78.1 17,210,000 -12.9

Jet fuel 590,000 36.5 8,560,000 -14.2

Import

LNG 7.63 1.6 18.3