Oil Market | China Reportedly Cancels July Refined Oil Export Restrictions, Allows Zhejiang Petrochemical to Resume Exports

Reuters cited trade industry sources saying that China has lifted restrictions on refined oil product exports for the remainder of July and allowed a private refinery to resume shipments.

In the past few months, only state-owned enterprises were permitted to export gasoline, diesel, and jet fuel, and they had to apply for export quotas on a monthly basis. Sources said that Zhejiang Petrochemical Co., controlled by Rongsheng Petrochemical, has been approved to resume fuel exports in July after a suspension of more than three months.

Sources said refineries plan to export about 3 million tons of gasoline, diesel, and jet fuel this month, including bonded oil products destined for Hong Kong and Macau, a volume comparable to the average monthly exports last year. Related shipping arrangements are still being finalized, expected to be completed by the end of this week. It remains unclear whether this easing of export restrictions will extend into August.

Sources also said China's gasoline exports in July could rise to over 400k metric tons. Diesel exports may increase from the previous roughly 200k tons to between 600k and 700k tons; jet fuel exports could rise from an earlier 1.5 million tons to about 1.9 million tons.

GAS-3.87%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pinned