China’s exports of refined petroleum products, especially diesel, surged in the final two months of 2022, relieving some of the global shortage caused by unusually low exports since the middle of 2021.
Exports of refined products totalled 54 million tonnes in 2022, down from 60 million in 2021 and 62 million in 2020, according to preliminary data from the General Administration of Customs .
The downturn was concentrated in diesel with a cumulative shortfall of around 17 million tonnes or 128 million barrels . Diesel exports accelerated to a near-record 2.8 million tonnes in December, from just 1.1 million tonnes in October, narrowing the deficit since mid-2021 to less than 16 million tonnes or 117 million barrels.
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