China's refining sector faces challenges with falling margins, weak domestic demand, and recent bankruptcies of independent refiners.
China has issued fuel export quotas of 9 million tons for the final quarter of the year, Reuters has reported, citing two local commodity consultancies. The bulk of the quotas comprise clean refined fuels, with the remainder of 1 million tons in bunkering fuel. Almost 6.4 million tons of the new quotas were issued to state-owned refiners including Sinopec, CNPC, and CNOOC.
Meanwhile, gasoline exports from China slumped in August, by 44% on the year to770,000 barrels daily, as export margins slipped below zero. As of August, Chinese refiners had used up some 80% of their fuel export quotas. Apparent demand for oil during that month was estimated at 12.5 million, down by 15% on the year. Pressured by lower margins and tepid demand on the domestic market, two independent refiners went out of business recently.
Refining Fuel Exports Quotas Margins Demand Bankruptcies Independent Refiners Gasoline Exports Inventories
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fuel Supply Chief Suspended as Libya's Fuel Crisis WorsensA severe fuel shortage in oil-rich Libya has led to the suspension of the country's top fuel supply official as tit-for-tat moves between rival governments escalate
Read more »
Scots pensioners will be dragged into fuel poverty without winter fuel paymentThe Labour Party was elected to help the least well-off in society, yet may now have introduced a policy that will hammer pensioners at a time of year when they’re particularly vulnerable.
Read more »
Finland's Fortum Replaces Russian Nuclear Fuel With U.S. FuelFinnish power utility Fortum has announced that it has successfully started using nuclear fuel from U.S.-based Westinghouse Electric as it seeks to replace Russian supply
Read more »
Northampton Market returns home after £10m faceliftThe historic market has new stalls from Italy, new paving, new lighting and new trees.
Read more »
GPs warn cut to Winter Fuel Payments will see rise in health issues for elderly'The loss of the winter fuel payments will mean more will have to choose between keeping warm or eating.”
Read more »
Communities Minister issues statement on Winter Fuel payment cuts ahead of vote'I believe this decision is wrong. It is wrong because it will have serious consequences for the comfort, wellbeing, and health of older people across Northern Ireland.'
Read more »