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China likely to issue 5 mil mt oil product export quotas in second batch of 2022: sources

China is likely to issue 5 million mt (39.75 million barrels) of quotas in its second batch for exporting gasoline, gasoil and jet fuel in 2022, indicating tight allocations of the country’s outflow in the third quarter, refining, trading sources and analysts told S&P Global Commodity Insights on July 6.

The new allocation would lift the total quota volume to 22.5 million mt thus far for 2022, 39.2% lower than the 37 million mt awarded in the first two batches of 2021, data from S&P Global showed.

The batches are shared by seven quota holders, with the deepest year-on-year reductions seen for the oil giants CNPC, Sinopec and CNOOC.

Beijing is keen to cut the country’s oil product exports to ensure domestic supplies when crude prices fluctuate at high levels, S&P Global reported earlier.

China’s oil product exports collectively fell by 51.9% on the year to 10.35 million mt over January-May, official data showed.
Source: Platts

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