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China’s crude oil stockpiles increase by 1.6% m-o-m in February

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.

Source: Xinhua

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