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China Issues Second Batch Of 2023 Oil Import Quota

OIL

China issued a second batch of 2023 crude oil import quotas raising the total for this year by 20% compared to the same time last year, according to a document seen by Reuters.

  • 44 companies, mostly independent refiners, were given 111.82mn tonnes in import quotas in this round, according to the document from the Ministry of Commerce.
  • Combined with the 20mn tonnes in 2023 quotas granted to 21 refineries in October, that takes the total for this year to 131.82mn tonnes, up from the 109.03mn tonnes issued in the first batch for 2022.
  • China allocated some 2023 quotas earlier than usual to shore up the sluggish economy by encouraging refiners to boost operations.
  • The largest quota was received by Zhejiang Petrochemical Crop, followed by Hengli Petrochemical.
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