China’s gasoil, gasoline and jet fuel exports in June dropped to a seven-year low of 1.58 million mt, or 426,000 b/d, data released by the General Administration of Customs July 18 showed, despite new quota allocations. The June volume represented a 66.7% year-on-year slump and a 10.7% month-on-month decline, far below the market’s estimation of up to 3 million mt. GAC data showed that the previous low was 899,000 mt in February 2015. “Even with the second batch of allocation, oil companies slashed their exports to a record low level in July, suggesting their cautiousness of using the quotas. They actually have abundant capacity to lift production and make more money by exporting if there is no quota restriction,” a Singapore-based analyst said. The government in early June issued the second round of export quotas, […]