China Cuts Refined Fuel Export Quotas by 73%
China reduced its export quotas for refined fuels by 73% year-on-year for the second round of quotas issued for 2021, Reuters reported, citing four people close to the matter. The large drop comes as new taxes on imports of key…
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blending fuels are primed to hike sales of domestically refined fuels. The quotas were issued to six state-run entities along with a private refiner and totaled 7.5 million tonnes -- a clear drop from the 28 million tonnes allotted in the second batch of 2020, Reuters said. The total for 2021 sits at 35.5 million tonnes so far, a 40% deficit from the 2020 numbers at this time last year. Three million tonnes of low-sulphur fuel oil export quotas were also issued separately in the latest round, Reuters said. In June, China began imposing high taxes on imports of light cycle oil, mixed aromatics and diluted bitumen, citing fuel surplus and environmental pollution concerns in the sector, Reuters said.