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.
"A ramp-up in product exports from China will support energy-starved oil markets considerably as there are concerns about an impending EU embargo on Russian supplies," said Sugandha Sachdeva, vice president of commodity and currency research at Religare Broking. 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.
"Together with the new quotas, refiners have more than 20 million tonnes of quotas for fourth quarter," FGE analysts said in a note.
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