China slashes first round of oil products export quotas - sources

By Chen Aizhu and Meng Meng BEIJING (Reuters) - China has cut oil product export quotas to the nation's four oil majors by 40 percent in the first round of licences for 2017, according to two sources who have seen the documents, even as traders expect allowances for overseas sales to meet or exceed this year's record levels. The notice did not include quotas for independent refiners, known as "teapots", in line with a report by Reuters earlier this month that the government has ditched the small