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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 crude oil import quotas to be allocated by June 16 with only 25m mt quota available until new allocation according to S&P Global.
- The allocation has been approved by the Ministry of Commerce but not released yet with the volume sufficient for refineries to carry on feedstock imports according to S&P Global sources.
- Refining sources and analysts expect more than 50.67m mt in the coming batch taking into account the annual quota limit of 179.38m mt.
- In January-May, 29 quota holders increased crude imports by 25.6% year on year to 74.18m mt in 2023, leaving cover for only about 1.5 months of imports with just 24.6m mt for May onward until a new allocation.
- "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," said a S&P Global source.
Source: S&P Global
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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