Wary of Worsening Export Economics, Chinese Refiners Flushes Out Stocks - Chinese companies maximized their exports of oil products in November, ahead of an increase in government levies after Beijing reduced the country’s VAT rebate for product exports from 13% to 9%. - The combined exports of gasoline, diesel, and jet fuel accounted for 920,000 b/d last month, according to Chinese GAC statistics, a whopping 28% month-on-month increase as oil companies flushed out their stocks. - Slashing the tax rebate would result in…
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