China to hike refined fuel export quota in July
China plans to increase the amount of refined fuels that state-owned refineries are allowed to export in July, with the expected volume reaching 800,000 tons, compared to previous estimates of 600,000 tons. This move comes as an effort to provide more balanced supplies after Beijing reduced exports starting in March due to a crude oil shortage caused by the US-Israeli war with Iran, which led to a reduction in exports to destinations outside Hong Kong and Macau to about 400,000-500,000 tons.
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