It is learned by OilChem that the Ministry of Commerce of the People's Republic of China released the first batch of 2024 crude oil import quotas to 11 non-state-owned refineries around mid-December 2023 with a combined volume of 3.68 million tonnes.
The specific quota received by individual refineries was subject to the application of these refineries based on their demand and production situation. It is further highlighted that the first batch of quotas will expire by end-2023 and become invalid entering 2024.
The early issuance of 2024 crude oil import quotas was to answer the rising end-market demand in the post-pandemic era, as well as quicker-than-expected consumption of 2023 import quotas on the backdrop of restricted import of bitumen mixtures, an alternative feedstock to crude oil.
For comparison, the first batch of 2023 crude oil import quotas was released in early October 2022 to 21 refineries with a volume of 20 million tonnes, with the purpose of encouraging the exports of refined oil amid the issuance of fifth batch of refined oil export quotas in the year.
Written by Aggie Hu, huchenying@mysteel.com
Edited by Navy Liu, liuchuanjun@mysteel.com
