China issues 4.5 MT of quotas for fuel exports to ease demand: Report

China has issued 4.5 million tonnes of quotas for refined fuel exports, sources told Reuters on Tuesday, a top-up to the first issue for 2022 to ease high domestic inventories as demand was dented by COVID-19 lockdowns.
 

The new issue will bring the total of refined fuel export quotas this year to 17.5 million tonnes, still significantly lower than the 29.5 million tonnes allotted under the first issue of 2021.
 

Four firms, including China National Petroleum Corp, China Petroleum & Chemical Corp (Sinopec), China National Offshore Oil Corp and Sinochem Holdings, have been granted the new quotas, the sources said.