China issued its second batch export quotas for refined fuels on Friday, with volumes lower than last year. This was confirmed by two sources from China and a consultancy.

The second batch of allowances for last year included 14 million tonnes for gasoline, jet fuel and diesel, as well as 4 million tonnes for low-sulphur fuel marine fuel.

The second batch of low-sulphur oil export quotas (LSFO) totaled 5.2 million tonnes, 1.2 million more than last year.

The total volume of the second batch export allowances is now 18 million tonnes.

China controls its fuel exports through a system of quotas and allowances to control supplies on its local merchant markets.

(source: Reuters)