China's fuel oil imports fall for third consecutive month, as exports increase

(MENAFN) In July, China's fuel oil imports fell for the third month in a row, according to the General Administration of Customs. The total imports for the month were 1.38 million tons, which translates to about 282,000 barrels per day. This marks an eight percent reduction from June and a nine percent decrease compared to July of the previous year. The decline in imports is mainly due to the high premiums for high-sulfur fuel oil, which has reduced interest from Chinese refiners.

Conversely, the volume of fuel oil exports, which are predominantly used for refueling ships, increased in July. The export figures reached 1.66 million tons, showing a 5 percent rise from June and an approximately 8 percent increase from the same month last year. This rise in exports reflects stronger fuel demand in major refueling centers like Singapore and Fujairah, highlighting a trend of increasing consumption in these key markets.

Overall, the data reveals a shift in the fuel oil market dynamics, with a decrease in domestic imports being offset by an increase in exports. This change is driven by a growing international demand for fuel oil, contrasting with the reduced interest in high-sulfur fuel oil within China.

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