July 27, 2020 [Ship & Bunker] – For the oil markets, the first half of the year saw extraordinary swings in supply and demand, culminating in what is now thought to have been a staggering 22mbbpd of oversupply in April as OECD economies headed into lockdown and OPEC+ cuts dissolved.
Full-to-the-brim storage tanks could prompt a rise in Chinese gasoil exports.
According to price reporting and data agency SP Global Platts, China’s oil entity Sinopec may increase exports to clear refinery backlogs.
“We have proposed an increase in product exports next month to the head office in order to offset product inventory pressure,” an official at a Sinopec refinery in Shanghai was quoted as saying.
Gasoil exports could reach 2 million mt in the coming months rising from 1.45 million mt in May, according to the report.
Article republished with permission from Ship & Bunker.
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