The China National Petroleum Corp. said it plans to increase the rate at which it re-exports the fuel that it does not want or need by over four times during 2018 – effectively flooding Asian markets. Refiners across the continent now face dual price pressures on their profit margins. Higher oil prices push oil products prices up, while a China-driven flood threatens to lower demand continent-wide. The CNPC said in its annual report that it plans to ramp up net oil-product exports by up to 31 percent in 2018, compared to an increase of just 7 percent last year. Diesel exports will rise even further, by 47 percent, the state-run company said. World Oil reports that diesel prices had been enjoying a recent “renaissance” as oil prices show strong growth. Gasoil rates had not been higher since 2015, as inventories in developed countries shrink nationwide. The last […]