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China Raised 2024 Fuel Oil Import Quota By 4% YoY

OIL PRODUCTS

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.
  • Chinese independent refineries increasingly used imported fuel oil in 2023 to compensate for a shortfall in feedstock as the government tightened crude import controls despite improved refining margins. The ministry raised the import quota for 2023 by 3mn tons, from 16.2mn tons previously set in January.

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