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China Set 2023 Crude Import Quota Unchanged from 2022

OIL

China has set the crude import quota for private refiners at 243m tons for 2023, unchanged from this year’s quota, according to a statement from the Ministry of Commerce.

  • The Chinese government controls the amount of crude imported by private ‘teapot’ refiners, but state-owned refiners can import crude without quotas. State refiners however must comply with refined product export quotas.
  • Last month China issued a first batch of allocations for 2023 of 20m tons of crude oil import quota to more than 20 private refiners. The early release of the 2023 crude import quotas was to ensure ample supplies in 4Q as they increase refined product exports to support the recovering economy.
Energy BulletsCommodities
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