For the first quarter, China's refined product exports were up 59.8% to 18.2 million tonnes, equivalent to about 1.62 million bpd.
For the first quarter in 2022, refined fuel exports were 1.01 million bpd, meaning they have risen by 610,000 bpd in the same period this year.
IMPACT OF FUEL EXPORTSThere are also several other questions for the market to ponder, such as do strong Chinese refined fuel exports, while increasing China's crude imports, actually result in lower demand elsewhere as China's products displace supplies from other exporters?
It's likely that China's refined product exports will remain elevated in April as refiners use up their quotas and Beijing encourages exports as part of efforts to boost economic activity.
Overall, the current picture in China is one of strong crude imports and even stronger refined product exports.