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OIL PRODUCTS: China Quotas to Cap CPP Exports in Q4

OIL PRODUCTS
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China’s issuance of a third batch of clean product exports last week -  (lower than the first two batches), will cap the country’s exports in Q4 according to Vortexa. 

  • Meanwhile, weak export margins are driving refiners to prioritize domestic sales over exports in recent months (see chart).
  • China issued the third fuel export quota of the year of 8m tons of gasoline, diesel and jet fuel, JLC and OilChem said late last week, taking the total to 41m tons compared to 39.99m tons in 2023.
  • Tax changes on fuel oil mean that independent refiners are likely to reduce purchasing from October. 

 

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China’s issuance of a third batch of clean product exports last week -  (lower than the first two batches), will cap the country’s exports in Q4 according to Vortexa. 

  • Meanwhile, weak export margins are driving refiners to prioritize domestic sales over exports in recent months (see chart).
  • China issued the third fuel export quota of the year of 8m tons of gasoline, diesel and jet fuel, JLC and OilChem said late last week, taking the total to 41m tons compared to 39.99m tons in 2023.
  • Tax changes on fuel oil mean that independent refiners are likely to reduce purchasing from October. 

 

Keep reading...Show less