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Chinese Refiners Have Used up Most of Export Quotas: OilChem

OIL PRODUCTS

Chinese refiners will have used up 98% of their fuel export quota by the end of August according to OilChem.

  • OilChem estimated at the end of July that there would be 3.5m tons of oil-product exports in August.
  • OilChem said the industry is “anxiously waiting” for the latest batch of export quotas, countering Platts market sources claims they were already out at the start of the week.
  • China 2H gasoline demand to rise to 87.7m tons +6.4% from 1H while 2H diesel demand to rise to 113m tons, +4.7% from 1H.
  • China to export ~1.12m tons of diesel in September according to OilChem.

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