China May Raise Refined Oil Exports to Meet Europe’s Soaring Winter Demand

China may soon release more quotas for exports of refined oil as European countries scramble for alternatives to Russian fuel to meet heating demand over the winter months.

The Ministry of Commerce could issue a quota of 10 million to l5 million tons in October, which would bring the total for the year to 39 million tons, 3.7% higher than that for 2021, analysts at Shanghai Orient Futures Co. Ltd. and Citic Futures Co. Ltd. wrote in notes this month. It would follow the release of additional export quotas of 4.5 million tons June and 5 million tons in July.