China Daily Oil Summary: 3m Tons of Fuel Oil Quotas Released

China has released a further 3 million metric tons in fuel oil import quotas in 2023 for non-state firms according to the Ministry of Commerce Monday, taking the total for 2023 to 19.2mn tons.

• Fuel oil import quotas differ from those for oil and oil products with companies required to apply for the fuel oil import quotas cargo by cargo until the annual volume is hit, in a first-come-first-served manner according to Platts.
• Meanwhile, imports of fuel oil and bitumen into Shandong Province are expected more than double on the month to 1.8m mt in November, according to OilChem.
• Shandong’s Independent refineries imported 1.6m mt of crude oil in the week to Nov. 26, according to OilChem. This is up 35%, or 0.416m mt from the previous week, OilChem said.
• POLICY: China should set its economic growth target at 5% for 2024 to boost market confidence, though the GDP is estimated to print near 4.8%, according to a report released by a prominent think tank.
• YUAN: The currency strengthened to 7.1485 against the dollar from 7.1529 on Friday.
• Citizens from six countries including France, Germany, and Italy will no longer need a visa to visit China, allowing two weeks visa-free travel to boost foreign exchanges and open to the outside world, Mao Ning, Foreign Ministry spokesperson said.