Chinese exports of gasoline and diesel plunged in July compared to June, after China slashed the quotas of authorized exports of refined petroleum products, according to data from the General Administration of Customs quoted by Reuters on Wednesday. Chinese exports of gasoline, diesel, and jet fuel are expected to drop off significantly for the rest of the year because of the slashed quotas, analysts say. In July, China’s diesel exports slumped by 41 percent, and gasoline exports plummeted by 49 percent as refiners ran out of export quotas allocated in the first batch for 2021. In the second batch for this year, however, Chinese authorities last week slashed the quotas by 73 percent compared to the previous year’s second batch quota. Due to the significant reduction in the second-batch quotas, China’s exports of gasoline, gasoil, and kerosene are set to drop by at least 19 percent in 2021, Yu […]