China Likely to Boost Oil Products Exports into Early 2023, Support Economy

Chinese refiners are likely to boost refined oil products exports in the last two months of 2022 and into early 2023 after receiving the biggest allocation from Beijing this year, trade sources and analysts said on Monday, Reuters reported. The increase in Chinese exports is likely to help stabilise global oil markets and partly replace supplies from Russia which will be hit by European Union embargoes in coming months. It also allows the world's No. 2 refiner to tap excess refining capacity and boost exports when its economy is struggling for growth after narrowly avoiding a contraction in the second quarter and the decline in the yuan to a 14-year low. The quotas include 13.25 million tonnes of refined products - normally gasoline, diesel and aviation fuel - and 1.75 million tonnes of low-sulphur marine fuel. The new issue, the single largest allotment of 2022, takes total allotments of diesel, gasoline and jet fuel combined for 2022 to 37.25 million tonnes, on par with 2021. Read more.