China opens fuel export taps as coronavirus slams domestic demand

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China has ramped up fuel exports to compensate for losses to domestic demand as it grapples with the coronavirus outbreak, having not been able to prevent a surplus in the world’s second-largest oil consumer with cutbacks in its refining output.

China’s refined oil product exports have surged to well above year-ago levels, according to trade sources and industry analysts, adding to supplies in the rest of Asia, which is also dealing with lacklustre demand due to the coronavirus epidemic, according to Reuters.

China’s refined oil product demand is expected to fall 35.7% in the first quarter compared to a year earlier, leading to a surplus of 27.08 million tonnes in the local market, said the research institute.

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