China has set the size of its latest batch of oil products export quotas for 2022 at about 15 million tonnes, trade sources with knowledge of the matter said on Friday.
The quotas include 13.25 million tonnes of refined oil products – normally including gasoline, diesel and aviation fuel – and 1.75 million tonnes of low-sulphur marine fuel, two of the sources said.
At 13.25 million tonnes, the single largest allotment this year, the new issue will bring total allotments of diesel, gasoline and jet fuel combined for 2022 to 37.25 million tonnes, on par with 2021.
Industry and government sources have said the rushed decision to raise refined fuel exports, a change in policy after steep curbs earlier in the year, was part of Beijing’s effort to lift sagging merchandise exports.
The new quotas, under the fifth batch of issue, also included 1.75 million tonnes of very low sulphur marine fuel (VLSFO). This will bring total releases of marine fuel quota this year to 16.75 million tonnes, nearly 40% more than 2021.
China’s Ministry of Commerce, which is in charge of the quota issuance, did not immediately respond to a request for comment.
