China’s second refined fuels export quota down 73% y-o-y

Oil

China’s second refined fuels export quota totalled 7.5Mt, taking total quota allocations to 35.5Mt in 2021, down 40% y-o-y, Reuters reported. Consumption taxes introduced in mid-June for light cycle oil, mixed aromatics and diluted bitumen are expected to increase the trade of domestic refined fuels. The quota was issued to six state-owned companies and a single independent refiner. Additionally, a 3Mt quota of low-sulphur fuel oil (LSFO) was issued to three state-owned refiners.