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China Weekly Oil Summary: First Fuel Export Quota Batch Released

OIL

China has released the first batch of fuel export quotas for 2024 almost unchanged from the first allocation issued in 2023 according to industry consultant JLC.

  • The allocation is for a combined 19m tons with 14.4m tons given in general trade form and 4.6m tons in tolling arrangements.
  • China has raised its 2024 fuel oil import quota to 20mn tons for non-state refiners, up from 19.2mn tons for 2023 according to the Ministry of Commerce.
  • It released its first batch of 2024 LSFO quotas totaling 8m mt. Breakdown as follows: Sinopec – 3.83m mt, CNPC - 3.41m mt, CNOOC – 680k mt, Sinochem – 20k mt, Zheijang – 60k mt
  • Sinopec expects China’s oil product demand growth to ease to 1.7% in 2024 from the post-Covid demand boost to 16.1% in 2023, according to Bloomberg. Gasoline demand growth is forecast at 1.6% compared with 23% and diesel flat vs 3.1% and jet fuel at 11.1 compared to 96.5% in 2023.
  • YUAN: The currency strengthened to 7.0920 against the dollar from 7.1055 on Thursday.
  • FROM THE PRESS: The PBOC said it will step up macroeconomic policy adjustments to support the economy and promote a rebound in prices, following a quarterly meeting of its monetary policy committee, according to a statement published on Thursday on the PBOC website.
  • China’s economic growth may fall to between 4-5% in 2024, and could struggle to reach 5%, due to insufficient demand, said Zhang Junkuo, former deputy director of the Development Research Center of the State Council.
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