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China Oil Exports to Rise on Export Profits

OIL PRODUCTS

China’s exports of refined oil products are expected to rise in August amid higher export profits, according to OilChem.

  • Exports are then expected to recede in September and October as domestic demand revives.
  • China’s fuel-export quotas for 2023 are predicted to be larger than the previous year’s 37.5mn tons according to JLC.
  • The third round of issuance is expected in early August and predicted to be around 10mn tons according to Oilchem and JLC. The second-round issuance in May was 12mn tons.
  • Exports levels for July stood at around 3.4 million tons, boosted by export profits which rose to Yuan 260/t in July from minus Yuan 45/t in June.
  • Exports consumed 72.8% of the quotas in the first two batches, compared to 68.2% in 2022, and are forecast to rise to 97.5% when including exports in July and August according to an OilChem survey.

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