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DISTILLATES
China has issued additional oil product export quotas of 4.5 million mt to four state-owned oil companies to ease inventories against slowly recovering demand according to Platts sources.
- The new export quotas will allow China to increase gasoline, gasoil and jet fuel export volumes.
- Sinopec receives 2.4 million mt of the quotas, CNPC gets 1.53 million mt and the rest 420,000 mt and 150,000 mt go to CNOOC and Sinochem, respectively, the sources said.
- With the release, the total allocation for 2022 stands at 17.5 million mt as of June 7, staying 40.7% lower than the 29.5 million mt volume a year ago.
- China's exports of the three products dropped 51.7% on the year to 8.59 million mt in the first four months, according to the official data, leaving 7.91 million mt for May onward until the next round of quota allocation.
Table source: Platts
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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