SINGAPORE : Asia's diesel supplies are set to rise in early 2023 after a year of tight inventories as refiners ramp up output to capture higher margins and China maintains export volumes with new quotas, according to industry sources and analysts.
Asia's 2023 diesel supply could rise by almost 3 per cent over the previous year while demand growth will lag behind at around 1 per cent, according to consultancy Wood Mackenzie. Operating rates at Japanese refiners rose last week, according to official data, while Taiwanese refiner Formosa Petrochemical Corp has also raised their average crude runs for January-February to 480,000 bpd from 420,000 bpd in Q4 2022, said company spokesperson K.Y. Lin.
For January, exports are expected to ease to about 2 million tonnes, or 497,000 bpd, according to an average of forecasts from Wood Mackenzie and Chinese consultancies Longzhong and JLC. That is down from 2.79 million tonnes in December but higher than the average of 1.63 million tonnes per month between September and November.
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