China Issues Big Fuel Export Quota as Domestic Demand Peaks
- Seven refiners and traders get quota for 12 million tons
- Issuance so far in 2023 is running ahead of last year
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China issued another large quota for fuel exports as refiners look to offset peaking domestic demand with more sales overseas.
Seven refiners and traders received permission to export 12 million tons of gasoline, diesel and jet fuel in the third allocation for 2023, according to industry consultants JLC and OilChem. That’s higher than market expectations of 10 millions tons and takes the total awarded so far this year above 2022’s level.