China Cuts Fuel Export Quota to 13 Million Tons

China cut the quota of its fuel exports by more than half, in the first announcement of quotas in 2022, as part of the Asian country’s strategy to reduce its foreign sales.

China has allocated 13 million tons of the fuel for export, according to a source familiar with the matter told Bloomberg on Tuesday.

The data indicated that these levels are about 56 percent less than the level of 29.5 million tons of the same batch in 2021, while the total share of fuel exports last year was about 36 percent less than the levels of 2020.

China – the largest oil importer in the world – has slowed in granting or announcing quotas for importing crude and exporting fuel for this year due to a set of challenges, most notably the increase in competition between private and state-owned companies and the uncertainty due to the epidemic.