China’s gasoil, gasoline and jet fuel exports in May dropped to a four-month low of 1.77 million mt or 465.580 b/d, data released by the General Administration of Customs June 18 showed, due to tight availability of export quotas during the same month. The volume represented a 52.8% year-on-year slump and a 28.3% month-on-month decline, with GAC data also showing that the previous low was 1.64 million mt in January. The country’s oil product exports collectively plunged by 51.9% on the year to 10.35 million mt in January-May, leaving 2.65 million mt of quotas for June onward. “The low exports amid high domestic inventory and hefty export margins reflect oil firm’s cautious, leaving quotas to cover a monthly volume, and suggested the difficulty of asking for more permits,” a Singapore-based analyst said. Beijing in early June released […]