UPDATE 1-China cuts volume for 2nd batch of 2023 fuel quotas - consultancies, trade sources

Reuters · 05/11/2023 06:26
UPDATE 1-China cuts volume for 2nd batch of 2023 fuel quotas - consultancies, trade sources

Updates headline, adds information on previous batch

- China has issued 12 million tonnes of oil products export quotas to companies in the country's second batch of 2023 quotas, according to two local consultancies and two trading sources.

The export volumes, comprising million tonnes of refined products and three million tonnes of marine fuel, were allotted to Sinopec, China National Petroleum Corp, China National Offshore Oil Company, Sinochem Group, China Aviation Oil Co, Zhejiang Petrochemical Co and Norinco, China-based consultancies Longzhong and JLC said.

The quota was less than the first batch of 18.99 million tonnes in early January. The larger-than-expected volume then was due to refiners' stockpiling amid positive demand expectations ahead of the peak summer season for gasoline and diesel.


(Reporting by Andrew Hayley in Beijing and Muyu Xu and Trixie Yap in Singapore; Editing by Jacqueline Wong)

((Andrew.Hayley@thomsonreuters.com;))