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China eases controls on fuel exports for 2nd month, sources

SINGAPORE, Aug 5 (Reuters) - 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.

Reporting by Siyi Liu, ​Trixie Yap and Chen Aizhu; Additional reporting by Sam Li in ​Beijing; Editing by Muralikumar Anantharaman and Tom Hogue

Source: Reuters


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