3/29/23, 1:22 PM China's 15M Tonnes Oil Products Export Quota Could Boost Tonne Miles To EU - mfame.

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China’s 15M Tonnes Oil Products Export Quota

English ▼

Could Boost Tonne Miles To EU

By Mfame Editor - October 6, 2022

On 30 September 2022, China added 15 million tonnes to its 2022 export quota for oil
products. The quota includes 13.25 million tonnes for gasoline, diesel and jet fuel as well as
1.75 million for low-sulphur marine fuel.

If headed for the EU, it could be a welcome addition to the block seeking to replace on
average 2 million tonnes of diesel imports from Russia when sanctions take effect from
February 2023 and demand for heating increases in the winter months. It could also add
some attractive tonne miles for product tankers, reads a BIMCO release.

China sets oil products export quotas at about 15 million tonnes

The 15 million tonnes addition brings the total 2022 quota for gasoline, diesel, and jet fuel
to 37.25 million tonnes, on par with 2021. The move reverses earlier steep curbs in export
quotas and boosts
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3/29/23, 1:22 PM China's 15M Tonnes Oil Products Export Quota Could Boost Tonne Miles To EU - mfame.guru

During the first nine months of 2022, exports of gasoline, diesel, and jet fuel have been
English ▼
45% lower than in 2021. So far, 18.4 million tonnes have been exported, leaving 18.85
million of the full year export quota unused. To fill the full year quota, average monthly
exports during the fourth quarter would have to triple compared to year-to-date. This
appears unlikely and many analysts are expecting that refineries will be allowed to make
use of the 2022 quota in 2023.

Chinese exports of diesel have been particularly low in 2022. During the first nine months of
the year diesel exports have fallen 72% y/y. A return to 2019 levels could increase average
monthly diesel export volumes by 1.3 million tonnes to 1.8 million tonnes.

Increased diesel exports are of particular interest as EU’s sanctions of Russian refined oil
products will be implemented on 5 February 2023, and since 90% of the import volumes is
diesel. By now, the EU’s imports of Russian crude oil are almost 25% lower than last year,
however, diesel imports from Russia have not yet been reduced.

Read more here.

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Source: BIMCO

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