A wave of new production and slowing domestic demand have forced China to export petrol cargoes to Nigeria and Mexico as the Asian country ramps up petrol exports in July and August to near record levels. The surge in Chinese exports will fill a supply gap caused by refinery outages in the United States and the Middle East. It will also likely to accelerate a plunge in Asian petrol margins, which have dropped 50 per cent since July 12, when they clawed back to a three-month high. Reuters reported that China’s refineries, led by PetroChina Company, the country’s second-largest, will export about 1.5 million tonnes of gasoline per month in July and August. This figure is up from June exports of 1 million tonnes and near the record of 1.69 million tonnes exported in March. The export surge is a result of the start-up of two large-scale refineries owned […]