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OIL PRODUCTS: China Issues Third Fuel Export Quota Taking 2024 Total to 41m tons

OIL PRODUCTS
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China has issued the third fuel export quota of the year of 8m tons of gasoline, diesel and jet fuel, JLC and OilChem said, taking the total to 41m tons compared to 39.99m tons in 2023, according to Bloomberg.

  • The similar quota to last year is a sign of China’s intension to aim at reducing emission levels and to encourage consolidation in the refining industry.
  • China also issued 1m tons of low-sulfur fuel oil export quota. The 2024 total is up to 13m tons and around 2% lower than in 2023, OilChem said.
  • As of the end of August, Chinese state refiners and fuel sellers had used up about 80% of their current export quota for the year, according to Bloomberg.
  • China gasoline exports dropped to 770k metric tons in August - the lowest since April and down from 790k tons in July, according to customs data. China’s diesel exports were down sharply year on year from 1.26m tons to 880k tons but up from July's 540k tons.
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China has issued the third fuel export quota of the year of 8m tons of gasoline, diesel and jet fuel, JLC and OilChem said, taking the total to 41m tons compared to 39.99m tons in 2023, according to Bloomberg.

  • The similar quota to last year is a sign of China’s intension to aim at reducing emission levels and to encourage consolidation in the refining industry.
  • China also issued 1m tons of low-sulfur fuel oil export quota. The 2024 total is up to 13m tons and around 2% lower than in 2023, OilChem said.
  • As of the end of August, Chinese state refiners and fuel sellers had used up about 80% of their current export quota for the year, according to Bloomberg.
  • China gasoline exports dropped to 770k metric tons in August - the lowest since April and down from 790k tons in July, according to customs data. China’s diesel exports were down sharply year on year from 1.26m tons to 880k tons but up from July's 540k tons.