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A total of 18.99 million tons of refined oil export quotas will be issued in 2023



The first batch of China's refined oil export quotas for 2023 was issued recently, totaling 18.99 million tons, a year-on-year increase of 46%. In terms of companies, PetroChina 5.96 million tons, up 42% year-on-year, Sinopec 7.41 million tons, up 72% year-on-year, CNOOC 1.76 million tons, up 49% year-on-year, Sinochem 1.93 million tons, up 9% year-on-year, China Aviation Oil 60,000 tons, up 50% year-on-year, Zhejiang Petrochemical 1.67 million tons, up 25% year-on-year, and China North Industries Group Corporation 200,000 tons, up 33% year-on-year.



Comparison table of the first batch of China's refined oil export quotas in 2023

Company

1st batch in 2023 (10K tons)

1st batch in 2022 (10K tons)

YoY growth rate

PetroChina

596

421

42%

​Sinopec

741

431

72%

CNOOC

176

118

49%

Sinochem

193

177

9%

China Aviation Oil

6

4

50%

Zhejiang Petrochemical

167

134

25%

China North Industries Group Corporation

20

15

33%

Total

1899

1300

46%

Source: 315i.com


In the fourth quarter of last year, the fifth batch of refined oil export quotas issued resulted in a substantial increase in exports at the end of the year. While alleviating the pressure on domestic supply and demand, it also increased the efficiency of foreign trade exports. Entering 2023, with the vigorous implementation of epidemic optimization measures, changes in the number of infected people will cause a certain disturbance to the demand for refined oil domestically in the short term. The first batch of quotas has increased significantly year-on-year, which is expected to help domestic oil companies adjust the domestic trade situation and further improve overall operating profits.



 


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