China's gas and diesel exports surge

China’s gasoline and diesel exports jumped by 68% and 22% respectively in the first half of the year, state media reported, citing a report by the China Petroleum and Chemical Industry Association. In January and April, exports doubled, with the April growth figure hitting 386%. The increase in exports has been attributed to a surge in refining capacity. Simultantously, growth in domestic demand slowed this year, as the government took measures to curb or consolidate energy-intensive industries to meet its energy efficiency targets. Some analysts predict a further decline in demand for the second half of the year. As more refining capacity is expected to come on-line, this may lead to further increases in petroleum product exports.