China’s slowing demand for oil products, especially diesel, is expected to lead to a flood of refined product exports to Asia this year even as crude imports grow, forecasts have shown.
The increased refining runs, plus purchases to build crude reserves, helped lift Chinese crude oil imports 8.8 per cent to a record 336m tonnes in 2015, according to official customs data.
But the rising imports mask a weakening domestic market, as a slowing economy reduces demand for cheap coal. That in turn cuts into the consumption of diesel by long-haul trucks that clogged highways when the economy was booming.
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