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10 January 2023 | Other

China's generous quota for crude imports boosted oil demand

Brent
WTI Light Crude Oil

China has significantly increased quotas for crude imports for 2023. The country seems set for an increase in Chinese refineries output and in oil demand after it abandoned its zero-Covid strategy. 

Reuters and Bloomberg said that China issued a second round of crude import quotas for 2023 on Monday.  The total for this year is up 20% compared to the same period last year. The document from the Ministry of Commerce says that quotas allow 44 private refiners to import 111.82 million metric tons of crude. 

As reported by Reuters, China also released the batch of quotas ahead of schedule to boost China’s Covid-hit economy by encouraging refineries to increase output.

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