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China Daily Oil Summary: Advance Use of 2024 Crude Quotas

OIL

China is allowing crude oil import quotas for 2024 to be used by independent refineries in December according to S&P Global, with any volumes used deducted from the 2024 allowance.

  • Few refiners are interested to apply for the advance despite the tight availability in 2023 suggesting it is too late to boost imports in Dec according to sources. Five out of six quota holders said they will not be applying, and one did not comment.
  • Imports of feedstocks into independent refineries in Shandong province fell 6.5% on the month in November to 9.4m mt, according to OilChem, with crude oil arrivals down 25% on to 6.37m mt.
  • Sellers of sanctioned oil from Russia and Iran are hiking offer prices to China, after the suspension of US sanctions on Venezuela raised Venezuelan oil prices, trade sources told Reuters. So far, only one deal for Venezuelan crude to China in January has been spotted, two Chinese market sources said, at a discount of $11/bbl against ICE Brent on a delivered basis.
  • CNOOC has started the construction of an underground fuel reserve in Ningbo which will be able to store 2.5mn tons of oil once completed according to South China Morning Post.
  • FROM THE PRESS: China will adopt more active pro-growth policies next year in line with the Politburo's meeting last week which emphasised "progress while maintaining stability," said Ming Ming, chief economist at CITIC Securities.
  • YUAN: The currency weakened to 7.1770 against the dollar from 7.1607 on Friday.
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