China's teapots are all steamed up.

摘要

According to sources said to have seen the documents in question, China's Ministry of Commerce and General Administration of Customs have issued the first round of export quotas for 2017, reducing the volumes permitted to state-owned oil companies by 40 from the first round of 2016 and cutting independent "teapot" refiners out of the export market entirely. The four state majors are to be allowed to export 12.4MM mt of gasoline, diesel and jet fuel this year, down from 20.54MM mt in 2016. Broken down by product, the quotas came to 5.25MM mt (39MM bbl) for diesel, 3.65MM mt (31MM bbl) for gasoline, and 3.5MM mt (27MM bbl) for jet fuel.