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.
