China is likely to cap its key oil product exports — gasoline, gasoil and jet fuel — in 2021 by slashing quota allocation in an effort to meet carbon emission peak target, several Beijing-based sources with knowledge of the matter said on June 1. Receive daily email alerts, subscriber notes & personalize your experience. Register Now “Exporting these cargoes of oil products to overseas almost equals to exporting carbon to other countries, which goes against the global goal of meeting carbon peak earlier,” one of the sources said. “We never believed China wanted to become increasingly short on crude just to export more products, in part as it raises pollution and increases carbon intensity,” Grace Lee, senior analyst with S&P Global Platts Analytics, said. As a result, the government planned to cut the annual export quota for the products significantly from 2020, which would discourage exporting interest, the sources […]