China has considerably reduced the allowances for fuel exports in the first export quota batch for 2022, signaling its intention to limit fuel sales abroad and curb excessive refinery output. In the first quota distributions for this year, the overall volume of the permitted gasoline, diesel, and jet fuel exports was more than halved—slashed by 56 percent compared to the first batch of export quotas granted in 2021, Reuters reported on Tuesday, citing industry sources. Most of the first batch of 2022 export quotas was granted to large state-run refiners, including China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC), Sinopec, and Sinochem Group, according to Reuters’ sources. “Looks like this year’s total fuel export quota will keep declining,” Yuntao Liu, an analyst with Energy Aspects, told Bloomberg , commenting on the first export quotas for 2022. Lower volumes of allowed fuel exports could increase the competition […]