Before 2024, a total of 12 million tons of low-sulfur fuel oil export quotas were issued in the first two batches, of which Sinopec, PetroChina, and CNOOC each received 5.69 million tons, 5.16 million tons, and 1.04 million tons. According to CJA data, from January to June this year, Sinopec, PetroChina, and CNOOC produced about 3.53 million tons, 3.53 million tons, and 0.73 million tons of low-sulfur fuel oil, respectively. If simple linear extrapolation is based on the average production from January to June, the quotas for PetroChina and CNOOC will be slightly short in September. The distribution time of the third batch of low-sulfur fuel oil export quotas in 2023 is early September. The distribution of quotas in the second half of this year is worth paying attention to because it may affect the main refinery's production scheduling plan in the short term. The distribution volume may also cause disturbances in the expected low-sulfur fuel oil production by the end of the year. (Guotou Anxin Futures)