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China Issued First Batch of 2024 Crude Import Quotas

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.

  • Refineries received the first batch of quotas after an application based on their demand projections. The first batch will only be valid until the end of this year.
  • Platts reported on 11 December that China is allowing crude oil import quotas for 2024 to be used by independent refineries in December. 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.

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