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Chinese Oil Product Exports Set for a Drop
China National Petroleum Corp and Sinopec have received 1.644M Mt of oil product export quotas from the Chinese Government, a volume well below industry expectations, Reuters reports. The quota awards indicate China’s total oil product exports for 2017 will fall to about 37.4M tonnes, a 19% drop y-o-y. Meanwhile, Beijing has excluded refiners such as CNOOC and Sinochem Corp from this round of quotas.