Diesel exports drop before farm sector demand peak

China's net diesel exports fell to the lowest level in nine months during July as the government restricted shipments before demand peaks in the agricultural industry.

Overseas sales exceeded imports by 119,181 metric tons in July, according to data e-mailed by the General Administration of Customs in Beijing on Wednesday.

That's equivalent to 28,900 barrels per day, the least since October, when net exports declined to 107,277 tons, Bloomberg calculations show. It's also 2.2 percent less than in June.

China, which consumes more oil than any country except the United States, shipped fewer diesel cargoes after the government cut export quotas for China National Petroleum Corp and China Petroleum & Chemical Corp, its two biggest refiners.