• 3 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 6 minutes This Battery Uses Up CO2 to Create Energy
  • 10 minutes Phase One trade deal, for China it is all about technology war
  • 12 minutes Trump has changed into a World Leader
  • 3 hours Indonesia Stands Up to China. Will Japan Help?
  • 1 hour We're freezing! Isn't it great? The carbon tax must be working!
  • 9 mins US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 2 mins Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 7 hours Shale Oil Fiasco
  • 21 hours Might be Time for NG Producers to Find New Career
  • 4 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 8 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 14 hours Beijing Must Face Reality That Taiwan is Independent
  • 19 hours Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 1 day Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 1 day China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
The Hottest Energy Conflict Right Now

The Hottest Energy Conflict Right Now

Belarus has just bought two…

China Ups Fuel Export Quotas By 5%

Dongming Refinery

China has issued a new batch of oil product export quotas and they are 5.3 percent higher than they were this time last year as the country’s refineries return to processing record-high amounts of crude oil.

S&P Global Platts reports the total amount of the quotas is 23.79 million tons under the general trade route. Added to the oil product export quotas under the processing route, the total that Chinese refiners can export comes in at 45.29 million tons since the beginning of the year. That’s up from 43 million tons a year ago.

Of the total, the biggest share is for gasoline, at 9.09 million tons. Next is gasoil with quotas for 9.175 million tons, and last is jet fuel, the export quota for which is 5.525 million tons, all under the general trade route that covers CNPC, Sinopec, CNOOC, Sinochem, and China National Aviation Fuel.

Now Beijing is due to issue the second batch of 2019 oil product export quotas under the processing trade route, which allows refiners exporting fuels to not pay taxes on the exported goods. The first batch of the quotas under this route amounted to 3.14 million tons and the first batch of general trade route quotas totaled 18.36 million tons.

Earlier this week, Chinese government data showed refiners were processing crude oil at the rate of 12.68 million bpd as of the end of April, up 5 percent from a year ago and a record high. According to a January report by CNPC, 12.68 million bpd was to be the average processing rate in China this year.

There has been mounting concern among refiners in other Asian countries that surplus fuel production in China would spill into neighboring countries, undermining the profit margins of local refiners. The increase in export quotas, however, suggests this is not a concern shared by Beijing.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage


Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play