China has released its initial refined fuel export quotas for 2024, maintaining a volume of 19 million metric tons, consistent with the previous year. State-owned companies Sinopec and CNPC received the majority, accounting for nearly 70% of the total, with Zhejiang Petrochemical Corp being the sole private refiner allotted a quota. Additionally, China granted an 8 million ton quota for low-sulfur fuel oil (LSFO), mirroring the 2023 level, with Sinopec and CNPC securing 90% of the allocation. The move aligns with China's strategy to balance domestic supply and demand, and experts predict weak growth in domestic demand for gasoline and diesel.

SOURCE:GOOGLE