Asia Viewpoint: by Ma Dongwei

The Ministry of Commerce of China recently issued the first batch of oil products export quota for 2022. The total quantity was 13 mil mt, down 56% from the same period last year. The export quota was 10.79 mil mt for general trade and 2.21 mil mt for processing trade.

Compared to the same time last year, the first batch of export quota for 2022 was considerably lower so as to allow carbon emissions to peak out by 2030 and achieve carbon neutrality by 2060, and also to rationalize the energy sector. In order to control carbon emissions by oil companies, the proportion of export quota for processing trade will fall in the next few years while that for general trade is expected to rise.

First batch of oil products export quota for 2022:

Unit: 10kt