More diesel exports likely from China next year

Independent refineries in China might be allowed to export oil products in net year, which would be for the first time, in order to decrease oversupply in the country's domestic market.

"This is likely to cause the oversupply of diesel on the world market to increase further", says Commerzbank in a research note. 

It exported around 917000 tons of diesel in October, which is slightly lesser than September;s record level exports.