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Chinese Refiners Leaning on Fuel Oil Imports


China fuel oil imports to remain strong in 2023.

  • Chinese independent refineries are likely to keep importing fuel oil for use as a feedstock for the remainder of 2023, according to S&P Global Commodity Insights.
  • This will compensate for the tight crude quota availability. Import quotas for private refiners were set at 243m tons for 2023.
  • Independent Chinese refineries increased fuel oil imports in June to at least 1.32 million mt, up from 80,000 mt in from June 2022 and slightly below the high of 1.59 million mt seen in April, S&P Global data showed.
  • Importing fuel oil is also subject to quotas, capped in 2023 at 16.2 million mt for non-state-run companies.

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