China's oil product exports are expected to fall in April due to weak overseas demand amid the coronavirus pandemic. Sinopec expects limited oil product exports in Q2 due to the outbreak. Sinopec Guangzhou Petrochemical cut its jet fuel exports by 70% to about 30,000 tons this month. PetroChina and Sinochem also reportedly cut exports of oil products in April.
China's gasoil exports are expected to fall to around 2 million tons in April, compared to 2.6 million a year ago. Meanwhile, gasoline exports are forecast to decline to about 1 million tons from 1.18 million tons over the same period.
According to customs data, China exported 9.12 million tons, or 1.2 million bpd of gasoline, gasoil, and jet fuel in January-February, increasing by 31.4% from a year earlier. Market participants estimated that China's gasoline and gasoil exports increased to around 500,000 bpd and 600,000 bpd, respectively, last month, as refiners tried to reduce domestic inventories.
While the situation improves in China, the COVID-19 has forced Southeast Asian countries to restrict their people and goods movements. Malaysia, Singapore, and Vietnam have implemented such measures to curb the virus spread, putting fuel demand in those countries under heavy pressure.
