China Eases Fuel Export Curbs as Global Supply Crunch Deepens

China has partially lifted fuel export restrictions imposed earlier this year, allowing refiners to export 2. 7 million tons of oil derivatives to destinations excluding Hong Kong and Macau, Reuters has reported, citing unnamed sources with knowledge of the matter.

The temporary easing of export caps will be in effect this month, but refiners would also be allowed to roll some of the volumes over to September if they fail to secure purchase deals for the whole allotment. The new export quotas cover gasoline, diesel fuel, and jet fuel.