China’s oil product exports surged 68% in November to a record high of 4.1 million mt as bleak domestic demand prompted refiners to actively push cargoes overseas in an effort to reduce bulging inventories. The November exports are the highest since Platts started compiling data January 2005 and are likely the highest ever seen, as China was a net importer of oil products prior to 2005. The exports were up 25% from 3.28 million mt in October. State-owned refineries continued increasing exports to relieve the domestic surplus amid weak demand. “The demand in domestic market was lower in December than that of November, and we have to rely on exports to cut the inventories,” said a source with PetroChina’s 12 million mt/year (240,000 b/d) Guangxi refinery. The refinery planned to export a total of around 272,000 mt of oil products, up 2% from 266,000 mt exported in November. Oil […]