Sources: China slashes first round of oil products export quotas - RTRS

Reuters quotes two sources who have seen the documents, citing that China has cut oil product export quotas to the nation's four oil majors by 40% in the first round of licences for 2017.

A China-based trader noted, “The cut is likely to bring little relief to the stubbornly saturated Asian oil market as China's majors did not use up the huge quotas issued at the start of last year, and have simply applied for more realistic quotas this year. The shrinking quota doesn't reflect shrinking demand from overseas. Instead, it reflects a shift in company exporting strategy."