China Cuts Crude Quotas

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China has slashed crude oil import quotas for its privately owned refineries by 35%. This year's second round of crude import quotas was cut to a total of 35.24 million tons, equivalent to 1.4 million b/d for the six months from July through December (PIW Jun.18'21). China's January-May crude imports of 10.71 million b/d were 240,000 b/d higher than in the same period of 2020. Refiners subject to the quota are believed to have used up most of their first-round quotas of 122.6 million tons (4.9 million b/d) already.

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