China Averts Diesel Supply Crisis With Exports Poised to Climb [Financial Post (Toronto, Ontario, Canada)]
China Petroleum & Chemical Corporation (SNP)
US:NYSE Investor Relations:
cnpc.com.cn/en
Company Research
Source: Financial Post
Top processors China National Petroleum Corp. and China Petroleum & Chemical Corp., better known as Sinopec, started boosting production in September under government coordination as demand surged following a broader energy crunch. While some fuel retailers were forced to ration diesel volumes and at least one refiner imported the fuel to meet rising consumption, the nation's output rebounded in October to the highest level in 13 months. Best Amazon Cyber Monday deals in Canada Advertisement Advertisement Article content Refiners now have a surplus of diesel that can be shipped to international markets. China had retreated from the export market to conserve its domestic supplies, which left consumers turning to India and South Korea to meet their needs as economies rebounded from the pandemic. “Supply tightness has largely subsided with hiked production and declining domestic demand,” said Mia Geng, an analyst at industry consultant FGE. “We expect domestic inventories to
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