Asian rivals face gloom as China is set to expand oil refining capacity

China is reportedly going to expand its crude oil refining output in year 2020, giving support to oil prices on a global level,  specifically United States. According to reports, China's decision may result in a problem for Asia's troubled oil refining industry. According to reports, China ded a total of 800,000 oil barrels per day in year 2018 and may d an ditional 460,000 barrels per day in year 2020.

Chinese imports could result in pressure on Asian markets

Chinese exports of things such as diesel, gasoline and fuel used in jets soared to an increase of 20% in year 2019, with far-reaching effects on countries such as Italy, Nigeria and Mexico. According to reports, Asian benchmark of oil refining margins for diesel and fuel used in jets are at a low and an increase in Chinese exports could result in more pressure on Asian market.

An oil consultant with Facts Global Energy Group (FGE), Chen Jiyao reportedly said that an increase in supplies of products will leave behind demand growth of fuel used in transportation and ded more pressure on alrey weak areas. Experts think that jet fuel and gasoline will be at forefront of China's export growth in year 2020 due to increase in supplies and sluggish domestic consumption, with viral outbreak of coronavirus that has claimed lives of 170 people.

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China is Asia's top gasoline exporter

According to reports, China is Asia's top exporter of gasoline and aviation fuel and is at third spot in terms of diesel after India and South Korea. Experts are of opinion that combined Chinese exports of diesel, gasoline and aviation fuel will most likely maintain growth in double digits in year 2020.

According to reports, jet fuel is set to be at top in terms of exports with a 20 per cent increase. 20% increase will be due to a rapid expansion in production on a domestic front vs a declining demand growth. travel ban in order to curb coronavirus outbreak will result in a decline in consumption of jet fuel. Although, exports of gasoline and diesel will be capped as refiners plan to shift production to make clear fuels in order to meet new international standards that came recently came into effect.

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