Sinopec to export diesel in second half, worsening Asian glut

China Petrochemical Corp. (Sinopec) has decided to export 500,000 metric tons of diesel during the second half of this year, worsening the regional glut of the product.The announcement came just as the Asian market was struggling to cope with a supply glut against a backdrop of thin demand.Instead of helping to absorb the Asian cargoes, China has imposed a ban on diesel imports. It also imposed a fishing ban in the South China, East China, and Bohai seas, which has greatly reduced domestic diesel consumption, thereby contributing to the supply glut. China is short of diesel and used to import about 6 million tons/year before it banned diesel imports last September because of rampant smugg...

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