China turns glut of oil into flood of diesel swamping Asia

Seoul

FUEL producers from India to South Korea are finding that rising refined products from China are cutting the profit margins that they have enjoyed from cheap oil to the lowest in more than a year. Worse may be coming.

China's total net exports of oil products - a measure that strips out imports - will rise 31 per cent this year to 25 million tonnes, China National Petroleum Corp, the country's biggest energy company, said in its annual research report last month. That comes after diesel exports jumped almost 75 per cent last year.