China boosts refined fuel exports in July
In July, China increased the permitted amount of refined fuel that state-owned refining companies can export, aiming to alleviate the supply shortage that worsened due to reduced production resulting from military conflicts with Iran and declining crude oil exports in May. The export quota was set at 800,000 tons, up from previous estimates of 600,000 tons for the same month, with no restrictions on destinations. China is one of the largest fuel exporters in Asia, and this is expected to boost regional supplies and put downward pressure on product prices.
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