China’s fuel oil exports over January-June slumped 7.3% year on year to 9.09 million mt (318,982 b/d), pressured by a sharp rise in domestically produced barrels amid ambitious plans to expand its bunkering industry, General Administration of Customs data showed July 22. About 5.88 million mt of the exports over the first six months were domestically produced barrels, instead of re-exported barrels from other origins, reflecting a 16.5% year-on-year rise in outflows, according to S&P Global Commodity Insights’ estimates based on the GAC data. All the barrels exported in H1 2022 were reported under customs warehouse trade route, suggesting that they were exported for bonded bunkering at Chinese ports. With Beijing’s latest allocation of 2.5 million mt of bonded low sulfur fuel oil export quota released earlier in July, the first three tranches of quotas […]