China’s petrol exports witness 32% surge amid covid-19 pandemic

China National Petroleum Corp’s research institute has predicted a 35.7% downfall i for the first financial quarter

China’s petrol exports increased by 31.5% in the first two months of 2020 as the novel coronavirus hindered production and travel, leading to low domestic demand for fuels.

Diesel exports also witnessed an increase of 3.5%, rising to 3.47 million tonnes for similar reasons.

China National Petroleum Corp’s (CNPC) research institute has predicted a 35.7% fall in demand for refined oil products, leading to a surplus of 27.08 million tonnes across the country.

It announced: “In order to digest the inventory, CNPC increased refined oil exports and saw the exports level hit a record high in February even though the Guangxi refinery, a major exporter in the group, was under overhaul.”

Carbon dioxide emissions in China have already fallen by around 100 million metric tonnes because of the coronavirus.

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