Last week, the China government announced to raise the export quotas on oil products for two of the national oil giants, Sinopec and Petrochina. Sinopec is granted a quota of 3.5M ton for4Q13, tripling the 1.1M ton quota is received in 3Q13, while PetroChina will be allowed to export 2M ton of oil product in 4Q13, up +150% from the last quarter. While export quotas for gasoline, diesel and jet are all higher, diesel would see the biggest increase.
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Chinese Government Raised Export Quotas on Oil Products
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