China Customs: China's oil product exports surge in July

As Reuters reports, China's diesel, gasoline and kerosene exports surged in July on an annualized basis, data from China customs revealed on Monday. The tremendous rise in the exports indicate that the world's top commodities consumer can't cope with its domestic oversupply of fuel.

Diesel exports rose 181.8% to 1.53 million tonnes, gasoline shipments were up 145% at 970,000 tonnes and kerosene exports jumped 46% to 1.09 million tonnes.

The world's second-largest economy imported 1.6 million tonnes of liquefied natural gas, down 16.4% from a year earlier and increased its purchases of foreign kerosene by 15.2% to 340,000 tonnes.