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China Daily Oil Summary: First Batch of 2024 Crude Import Quotas Released

OIL

China has released the first batch of 2024 crude oil import quotas to 11 non state-owned refineries in mid-December with a total volume of 3.68mn tons according to OilChem.

  • China has raised its 2024 fuel oil import quota to 20mn tons for non-state refiners, up from 19.2mn tons for 2023 according to the Ministry of Commerce.
  • A total 208 companies are allowed to apply for fuel oil import quotas within the annual limit, up from 165 companies this year.
  • Exports of gasoline, gasoil, and kerosene from China in November rose by 7% on the month to 3.64m mt, according to OilChem, citing GACC data.
  • China’s Commercial Crude oil storage capacity utilisation rate was 57.23% as of Dec. 27, according to OilChem, up 0.87 percentage points on the week.
  • YUAN: The currency strengthened to 7.1437 against the dollar from 7.1445 on Tuesday.
  • China’s infrastructure investment growth will likely pick up as projects accelerate following government bond sales. The National Development and Reform Commission in mid-December authorised a total 12,500 projects worth CNY800 billion in two tranches after announcing an additional CNY1 trillion in China Government Bonds in October.
Energy BulletsCommodities
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