A surge in China’s diesel exports last month to record levels is probably the last thing refiners in the rest of Asia wanted to hear, but they should probably worry more about rising crude oil prices. While China’s booming fuel exports appears to have contributed to a structural lowering of profit margins for the region’s refiners, the ups and downs still seem to be largely inversely linked to movements in crude prices. China exported 1.53 million tonnes of diesel in July, equivalent to about 370,000 barrels per day (bpd) and 181.8 percent higher than the same month a year earlier, according to customs data. Diesel exports were almost triple the monthly average from 2015, as China’s major refiners were forced to look to overseas buyers amid growing competition from small refiners and soft demand growth in the domestic economy. It’s not just diesel exports that are booming, with gasoline […]