A Glance of China Oil Market 20251027

On the demand end, the gasoline consumption will keep falling in the traditional seasonal low. For gasoil, the demand will likely pick up with the weather conditions picking up, and the upcoming Double Eleven on-line shopping festival will also boost the consumption in the logistics sector.

A Glance of China Oil Market 20251027

Weekly News

China Sep refined oil exports down 21% MoM

According to data from the General Administration of Customs of the People's Republic of China (GACC), China's refined oil exports recorded approximately 2.82 million tonnes in September, down 21.28% month-on-month (MoM) and up 4.88% from the same period last year. In detail, the exports of gasoline, gasoil, and kerosene all recorded a monthly contraction in September, with gasoil leading the fall partly due to insufficient export quotas as the third batch of refined oil export quotas were fewer than expected. The third batch of refined oil export quotas for 2025 was issued in mid-September, totaling 8.395 million tonnes. Read Full Story

China's gasoline consumption to fall 5% MoM in Oct

China's gasoline market is likely to see a narrow supply surplus in October, with both production and consumption showing monthly drop in the traditional seasonal low, according to OilChem's analysis. In October, China's daily gasoline consumption is estimated at 418,000 tonnes/day, down 0.6% from that in September and falling 5.39% year-on-year (YoY), OilChem's survey indicated. Though the gasoline consumption has recorded a slight year-on-year increase during the National Day holiday, it contracts rapidly after the holiday. The market transactions have been sluggish with both long-distance travel and air-conditioning related oil usage reducing. Read Full Story

US vessel levy to impact profitability for China propane downstream sectors

US's fees towards Chinese vessels will raise China's importing prices of propane, thereby shrinking profitability for propane's downstream sectors such as residential gas and deep processing industries. US Customs and Border Protection (CBP) issued an official announcement on October 3, confirming that the fee mechanism for Chinese vessels will take effect starting October 14, 2025. Since the weakening of China-US trade barrier effects in 2020, China has gradually resumed propane imports from the US, with the import volume continuously expanding and a relatively high dependency on US-origin propane. Read Full Story