China’s refiners are set to release huge stocks of diesel onto the world market just in time to meet winter demand, according to industry sources.
Refinitiv, a unit of the London Stock Exchange Group, said Beijing has granted refiners up to 15 million tonnes of oil product quotas for the rest of the year, partially reversing an export ban imposed in 2021.
Mr John Driscoll, managing director of consultancy JTD Energy Services, said any expanded exports from China would provide relief to a jittery market facing tight supplies ahead of winter.
“If China goes through with expanding its diesel exports, it will be viewed as a positive and constructive move for market,” he said.
“Other regional refiners might not be too pleased because the additional supplies will soften the market outlook, but consumers will not be complaining.” Mr Yaw Yan Chong, director of oil research at Refinitiv, said most of the new export quotas would be for diesel, used commonly as heating fuel and power generation.
هذه القصة مأخوذة من طبعة September 24, 2022 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة September 24, 2022 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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