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China partially lifts fuel export curbs, allowing 2.7 million tons this month
The temporary easing covers gasoline, diesel, and jet fuel, and refiners can roll unmet volumes to September if they cannot secure purchase deals.
China has partially lifted earlier fuel export restrictions, allowing refiners to ship 2.7 million tons of oil derivatives to destinations excluding Hong Kong and Macau, according to Reuters as cited by OilPrice, citing unnamed sources with knowledge of the matter.
The temporary relaxation of export caps is set to be in effect this month and includes new export quotas for gasoline, diesel fuel, and jet fuel.
If refiners are unable to secure purchase deals for the full allotment, they would be permitted to roll some of the volumes over to September.
OilPrice reports the restrictions were imposed after Middle East conflict triggered the closure of the Strait of Hormuz and worsened a global fuel supply crunch, and notes that earlier in June China’s policy included permitting only 800,000 tons of refined fuels in July before the current partial easing.
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