China has further relaxed limits on refined fuel exports for a second month in August, five industry sources tell Reuters, an unexpected move that facilitates the return of flows to pre-war levels.
Beijing has granted refiners temporary approval to ship 2.7 million metric tons to destinations excluding Hong Kong and Macau this month, the sources say.
China, the world’s largest oil importer, slashed fuel exports from March through June to protect domestic supplies after the Iran war disrupted crude flows and forced a sharp cut in imports.
It started loosening the export tap in July following the US-Iran peace deal. The latest allowances for August have come as surprise to several trade sources.