China’s diesel exports tumble

Oil

China’s diesel exports averaged 53K b/d across January and February, a decline of 379K b/d (or 87.7%) compared to the same period last year, according to China Customs data. China’s Ministry of Commerce slashed its first batch of oil product export quotas for 2022, allocating 13MT of oil product export quotas to seven oil companies, a decline of 56% compared to the 29.5M distributed during the first round in 2021, Reuters reported. Shipments of gasoline also declined by 234K b/d (or 46.4%) y-o-y to 270K b/d, whereas loadings of jet fuel rose by 47K b/d y-o-y to average 164K b/d.