Key facts
- China's fuel oil exports averaged 577,000 barrels per day in June, the highest level since the beginning of 2026.
- This represents an 18% increase compared to June 2025.
- Overall refined product exports, including gasoline, diesel, and jet fuel, declined due to government restrictions.
- Total fuel oil exports for the first half of 2026 increased by 7.7% year-on-year.
- Increased demand for fuel oil was attributed to lower prices and a rebound in shipping activity.
China's fuel oil exports reached a 2026 high in June, averaging 577,000 barrels daily, an 18% increase from the previous year, according to Reuters citing official customs data. This surge was driven by lower prices and a rebound in shipping demand, particularly in the latter half of the month.
Despite the strong performance in fuel oil, overall refined product exports, including gasoline, diesel, and jet fuel, saw an 18.3% year-on-year decline to 4.36 million tons due to government restrictions. The cumulative fuel oil exports for the first half of 2026 rose by 7.7% annually to 10.87 million metric tons.
China's fuel oil imports also increased in June, up 76% from May, though they remained 30% lower than June 2025. For the first six months of the year, fuel oil imports were down 3.6% year-on-year to 9.39 million tons.
Earlier in the year, China had imposed a ban on most fuel exports following the escalation of conflict in the Middle East and subsequent supply concerns. These restrictions were eased in April as domestic fuel stocks stabilized.