China issued the first batch of oil product export quotas for 2020 and they are 53 percent higher than this year’s, Reuters reports . At 28 million tons, the oil product export quotas will likely deepen an already serious glut of oil products on Asian markets that have eaten into refiner’s bottom lines. The quotas were issued to five state oil companies, including PetroChina, Sinopec, CNOOC, Sinochem, and China National Aviation Corp. It will be up to each of the companies to decide which fuels make what portion of their total quota, unlike in previous years. Most of the total quota, some 24.55 million tons, falls in the category of general trade. Exporters get tax refunds for exports made in this category. Chinese refineries have been processing oil at record rates for most of this year, thanks in no small part to the addition of new refining capacity by […]