China's net exports of gasoline remained near the highest level in a year amid the nation's weakest domestic oil demand in eight months.
Overseas sales of gasoline exceeded imports by 468,553 metric tons in April, according to data by the General Administration of Customs yesterday. That's equivalent to 132,360 barrels a day. In March, net gasoline exports were 506,110 tons, the most in a year.
Fuel consumption in China, which uses more oil than any country except the US, has declined as its economic expansion slowed. Apparent oil demand, or domestic refinery throughput plus net imports, was 9.66 million barrels a day last month, the weakest since August, customs data showed on May 13. Gross domestic product rose 7.7 percent in the first quarter, compared with 7.9 percent in the three months ended December.
"April's fuel supply has a reasonable surplus because of sluggish domestic demand," said Jean Zou, an oil analyst at ICIS C1 Energy, a commodities researcher. "Gasoline exports in May will advance from April's level."
Gasoline demand will increase 12 percent in the second quarter from a year earlier to 22.93 million tons, China Oil, Gas and Petrochemicals reported on May 1. The newsletter, published by the Xinhua news agency, cited research by China National Petroleum Corp, the country's largest oil company.
China's net diesel exports were 289,013 tons in April, or about 72,400 barrels a day, the data show. That's a 27 percent drop from March, when it was at the highest level since July 2010.
China Petroleum and Chemical Corp, Asia's biggest oil refiner, known as Sinopec, will cut overseas sales of diesel by as much as 90 percent in May compared with the average in the first quarter, according to ICIS C1. The Guangzhou and Maoming refineries will be the only plants to export diesel this month, the Shanghai-based commodities researcher said on its website on May 16.
China's fuel oil imports rose 6.5 percent from a year earlier to 2.37 million tons in April, the customs data show. Purchases rebounded from 2.06 million tons in March, an eight-month low.
