China approves exports of 3.7 million tonnes of fuel in October — The Hindu

China is set to resume exports of petroleum products in October after a brief halt during the Golden Week holiday. According to market participants, the country has approved shipments of diesel fuel, gasoline and jet fuel totalling about 3.7 million tonnes. This was reported by The Hindu.

Resumption of exports

Four traders familiar with the situation reported China’s intention to resume October exports of petroleum products. They noted that this could ease tensions in global fuel markets.

Two separate industry sources provided data on the approximately 3.7 million tonnes of approved shipments. This concerns combined exports of diesel fuel, gasoline and jet fuel.

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Monthly oversight

Beijing usually regulates fuel exports through a quota system. At the same time, Chinese authorities have recently tightened oversight of such operations, reviewing shipments monthly.

The report concerns exports of already refined petroleum products, not crude oil. The source does not provide a separate breakdown of the approved volume among diesel fuel, gasoline and jet fuel.