China eases controls on fuel exports for a second month, sources say

China has eased limits on refined fuel exports for a second month in August, giving refiners temporary approval to ship 2.7 million metric tons to destinations excluding Hong Kong and Macau, five industry sources with knowledge of the matter said.

Refiners are also allowed to roll over some of the August allowances to September because of the tight timeline for spot sales, two of the people said.

Including shipments to Hong Kong and jet fuel refuelling for international flights at Chinese airports, the August programme is estimated to reach 3.6 million tons for August.

That's an increase from July's total export plans - including shipments to Hong Kong and bonded jet fuel sales - of up to 2.5 million tons, according to estimates.

The quotas cover gasoline, diesel and jet fuel.

The National Development & Reform Commission, which oversees the fuel quotas, did not immediately respond to a request for comment.

China began curbing fuel exports in March, with significant cuts through June, to safeguard domestic fuel supply amid disruptions from the Iran war.

Reuters

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓