China issues 19 mn metric tons of fuel under 2025 1st batch export quota

China has issued 19 million metric tons of export quotas for gasoline, diesel and aviation fuel under the batch of allowances for 2025, a level that is steady versus a year earlier, several traders and a Chinese industry consultancy said on Wednesday. 

China manages its refined oil exports via a strict quota system, using exports as a tool to balance and ensure the domestic market is sufficiently supplied. 

State-owned oil firms Sinopec and CNPC, the key receivers of these quotas, were given a combined 13.34-million-ton allowances, or 70% out of the 19 million tons, according to traders and consultancy JLC. 

Meanwhile, private refiner Zhejiang Petrochemical Corp was awarded 1.67 million tons of export quotas in this batch. 

Separately, China has also released 8 million tons of low-sulfur marine fuel export quotas for the first issue of 2025, also flat compared with a year ago, traders and JLC said. 

Of the total, around 90% were allotted to Sinopec and CNPC. 

For the first 11 months of 2024, China's exports of refined oil products - including mostly gasoline, diesel, aviation fuel and marine bunker - totalled 54.4 million tons, down 6.3% versus the corresponding period of 2023.  (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)