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OIL: Shandong Refiners Likely to Pull Higher Crude Volumes

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Chinese Independent refineries crude arrivals in Shandong will likely rise in the rest of 2024 due to further import quotas according to OilChem speaking with MNI.

  • The possibility is high that certain quotas will be released in advance by end-2024 for those qualified independent refineries OilChem said.
  • Like the practices in previous years, the quotas shall be consumed before the end of 2024.
  • On the demand end, it is estimated that the CDU capacity utilization rates of the independent refineries in Shandong Province will hover between 55-65% in the fourth quarter, a relatively high level after staying low since mid-2024.
  • There has been a long rumour that refiners will no longer receive fuel oil consumption tax credits. OilChem says independent refiners claim they have not received such a notice but vessel tracking highlights a drop in fuel oil and bitumen arrivals.
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Chinese Independent refineries crude arrivals in Shandong will likely rise in the rest of 2024 due to further import quotas according to OilChem speaking with MNI.

  • The possibility is high that certain quotas will be released in advance by end-2024 for those qualified independent refineries OilChem said.
  • Like the practices in previous years, the quotas shall be consumed before the end of 2024.
  • On the demand end, it is estimated that the CDU capacity utilization rates of the independent refineries in Shandong Province will hover between 55-65% in the fourth quarter, a relatively high level after staying low since mid-2024.
  • There has been a long rumour that refiners will no longer receive fuel oil consumption tax credits. OilChem says independent refiners claim they have not received such a notice but vessel tracking highlights a drop in fuel oil and bitumen arrivals.