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Trade Sources Place Latest Chinese Oil Product Quota at 15 Million Tonnes

OIL PRODUCTS

China has set its latest batch of oil product export quotas at about 15 million tonnes according to news reports citing trade sources today.

  • The quotas are in line with recent market expectations – they include 13.25 million tonnes of refined products - normally gasoline, diesel and aviation fuel - and 1.75 million tonnes of low-sulphur marine fuel.
  • The new issue of 13.25 million tonnes, the year’s single largest allotment, takes total allotments of diesel, gasoline and jet fuel combined for 2022 to 37.25 million tonnes, on par with 2021.
  • Due to the size of the quotas, some market participants believe the quota may have to roll over into next year.
  • Total marine fuel quotas released this year are 16.75 million tonnes, nearly 40% more than 2021.
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