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China's Crude Import Quota Could Increase to 183m tons in 2023

OIL

China’s crude import quota may increase to as much as 183m tons in 2023 according to Energy Aspects on 9 Jan.

  • They expect a quota of approximately 50m tons to be released in the second half of the year to result in an increase of +10% y/y in 2023.
  • China yesterday issued 111.82m tons of crude import quotas to refiners and traders in its second allocation for 2023. The quotas were five months ahead of schedule and much larger than usual.
  • Commerce Ministry’s schedule indicates non-state refineries could increase processing to meet higher demand after China’s reopening
  • Energy Aspects revised up Chinese demand by about 500kb/d in Q2 2023. Quota levels will add momentum to Chinese buying, particularly in March and April as refineries prepare to meet the increased demand.
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