China’s commercial crude oil stocks rose 1.58% in February from the previous month, while stocks of refined oil surged 13.6%.
The increase was a result of fewer imports as well as falling output and processing volume.
Gasoline stocks went down in February as fuel demand rose during the 40-day Spring Festival travel period which concluded on March 12.
In February, China’s net exports of gasoline fell 16.6% m-o-m.
Demand for diesel weakened due to a slowdown in construction activities, as projects were called to a halt due to the cold weather and the Spring Festival holiday.
Net diesel exports dropped 27.1 % in February.
Data from the National Bureau of Statistics show China’s output of crude oil came in at 190 million tonnes last year, down 4 % from a year earlier.