Business | Oil & Gas
China to cut diesel imports as domestic supply rises
China, the world's second-largest energy consumer, will cut diesel imports this month and next after domestic supplies improved, two traders said.
- Bloomberg
- Published: 23:59 August 7, 2008
Beijing: China, the world's second-largest energy consumer, will cut diesel imports this month and next after domestic supplies improved, two traders said.
China International United Petroleum and Chemical Corp, the nation's largest oil trader, will halt purchases in August and September, said one trader who declined to be named because of internal rules.
China National United Oil Corp will reduce imports this month by a "big margin" from July after it increased purchases in the past two months, another trader said.
China raised gasoline and diesel prices by about 18 per cent on June 20. State oil companies had stepped up imports to end shortages and build stockpiles with the Olympic Games starting today.
"The improved Chinese supply may also be attrib-uted to refinery upgrades, which boosted yields of diesel," Ong Eng Tong, a consultant of Mabanaft International, said. "The move will increase diesel supply in the region and weaken regional prices."
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