China’s fuel oil exports, mostly made up of low-sulphur fuel oil for marine bunkering, climbed to a three-month high in March, official data showed, while imports fell, AFP reports.

The export volumes in March rose 57 per cent to 1.93 million metric tons (about 395,000 barrels per day) month-on-month and were up by 10pc in the year-ago period.

Chinese refinery throughput fell after the Iran war curbed run rates, weighing on fuel oil feedstock appetite, trade sources said.

Stronger fuel oil values relative to crude also slowed purchases, with cracks for high-sulphur fuel oil flipping to premiums from discounts after the US-Iran conflict broke out, according to LSEG-compiled data.