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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
China's independent refineries expect the next round of crude oil import quota to be allocated by 16 June as the current availability could cover less than 45-day inflows, as the allocation has been approved by the Ministry of Commerce according to S&P Commodity Insight.
- Beijing is expected to issue more than 50.67 million mt, or 371 million barrels in the coming batch according to refining sources and analysts.
- In January-May, the 29 quota holders S&P Global Commodity Insight followed lifted their crude imports by 25.6% on the year to 74.18 million mt in 2023, leaving 24.6 million mt for May onward until new allocation. Including their average monthly imports of around 14.84 million mt, the remaining available quota would only cover their imports for one and a half months.
- China's Ministry of Commerce in early January released 108.78 million mt, or 797 million barrels, of crude import quota to the country's 33 qualified refineries.
- "The availability is likely to be less than one and a half months, as they increasingly declare their import barrels as crude oil instead of bitumen blend recently to avoid a lengthy customs clearance route, consuming additional crude import quotas," a trade source told S&P.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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