SINGAPORE, Reuters China has issued its first refined fuel export quotas for 2024 totalling 19 million metric tons, a volume unchanged from last year39;s and largely in line with market expectations, Chinese consultancies and multiple trading sources said on Friday.

The quotas, which compared with the 18.99 million tons released in the first batch of such quotas last year, were reported by consultancies JLC and Longzhong, both of which have closely tracked Beijing39;s fuel quota policy in recent years.

China manages its refined oil exports via a strict quota system, using exports as a tool to balance and ensure the domestic market is sufficiently supplied.

State oil companies Sinopec and CNPC, the top recipients of the quotas that cover diesel, gasoline and aviation fuel, together were granted 13.22 million tons or nearly 70 of total, according to the two consultancies.

Zhejiang Petrochemical Corp remains the only private refiner allotted with the refined fuel export quota totalling 1.73 million tons.

China also released a first tranche of lowsulfur fuel oil LSFO quotas amounting to 8 million tons, the same level as last year39;s, 90 of which went to Sinopec and CNPC, traders with knowledge of the issue said. They spoke on condition of anonymity.

China39;s domestic demand for gasoline is expected by international agencies to peak in 2024. Sinopec previously said that domestic gasoline demand could have peaked in 2023 following the increased market penetration of…