Slashes export quotas by 56% Implements structural changes to balance market Opportunities for regional refiners to fill gap A sharp cut in oil product export quotas by China underscores Beijing’s determination to cut emissions while consolidating and reshaping its refining industry, a trend that began last year with the government’s crackdown on malpractices in the independent refining sector. Receive daily email alerts, subscriber notes & personalize your experience. Register Now In the first batch of export quotas for 2022 issued recently, allocations have been slashed by 56% from 2021 with refiners only allowed to export 13 million mt of gasoline, gasoil and jet fuel. The steep drop came as a surprise to the market even though China has been reducing oil product exports as it strives towards cutting emissions to meet its net-zero target. In 2021, the government slashed quotas to 37 million mt from 59.03 million mt […]