China Issues More Crude Import Quotas

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China has awarded a third round of crude import quotas to independent refiners but, at 4.42 million tons (equivalent to 265,000 barrels per day over the next four months), this still leaves private refiners with far less imported oil than a year ago. With only four refiners receiving crude in this third batch, Beijing will keep the market guessing about the strength of China's crude demand over the next few months, while also raising questions about the thinking behind the selective awards. Chinese oil consultancy SCI99 reported on Thursday that the Ministry of Commerce had allocated 3 million tons to heavyweight independent Zhejiang PetroChemicals (ZPC), which is majority owned by Rongsheng, while three smaller Shandong "teapot" refiners received the remaining 1.42 million tons. Most Independents Left Empty-Handed

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Fri, Nov 26, 2021