China's first batch of 2025 fuel export quota flat compared to a year ago

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China's first batch of 2025 fuel export quota flat compared to a year ago - Business Standard

Quick Summary:

State-owned oil firms Sinopec and CNPC, the key receivers of these quotas, were given combined allowances of 13.

China's oil consumption is expected to peak in 2027 at no more than 800 million tonnes, or the equivalent of 16 million barrels per day of crude oil, according to refining major Sinopec.

Under the so-called processing trade export route, refiners are exempted from import taxes on crude oil and export taxes for oil products, but have fixed volumes and time slots to export, both under the tight scrutiny of Chinese customs.