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China Issues First Batch of Crude Import Quotas for 2023: JLC

OIL

China has issued 20m tons of crude oil import quota to more than 20 private refiners, (teaport refiners), in the first batch of allocations for 2023 according to JLC.

  • The first batch for 2023 has been released much earlier than usual and is much smaller than first batch in 2022 which was for 109m tons.
  • The Chinese government controls the amount of crude imported by teapot refiners, but state-owned refiners can import crude without quotas. State refiners however must comply with refined product export quotas and last week 15m tons of extra product export quotas were announced for the balance of this year.
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China has issued 20m tons of crude oil import quota to more than 20 private refiners, (teaport refiners), in the first batch of allocations for 2023 according to JLC.

  • The first batch for 2023 has been released much earlier than usual and is much smaller than first batch in 2022 which was for 109m tons.
  • The Chinese government controls the amount of crude imported by teapot refiners, but state-owned refiners can import crude without quotas. State refiners however must comply with refined product export quotas and last week 15m tons of extra product export quotas were announced for the balance of this year.