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China to Use 9m Tons of Q4 Export Quota: Energy Aspects

OIL PRODUCTS

China’s state-run refiners are expected to use 9m tons of their additional export quota in 4Q 2022 according to Energy Aspects on Oct 11.

  • China issued 13.25m tonnes of refined products quotas, including gasoline, diesel and jet fuel for use in Q4.
  • Weak Singapore cracks and rising freight costs could limit the volumes used to 7m tons but that would still be 2m tons above previous expectations.
  • Uncertainty over the ability to sell products overseas may limit refiners to increase runs by 500kbpd so they don’t add to stockpiles.
  • China have also announced an early release of the 2023 crude import quota to ensure ample supplies in 4Q as they aim to support the recovering economy.

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