China issues second batch of crude import quotas for 2024 – JLC

The Chinese government has recently allocated 179.01 million mt of crude import quotas for private refiners in its second round for 2024, market intelligence provider JLC reported.

PHOTO: Black drum barrels of crude oil and the Chinese flag on a world map. Getty Images

China's second crude import quota is up by 60% from last year’s second quota of 111.82 million mt, JLC data shows. The quotas have been granted to mostly private or non-state refiners.

So far this year, China has allocated 183.69 million mt of crude import quotas for 2024. The previous first batch of 4.68 million mt was allocated last month. The second batch of crude import quotas announced could be the last for 2024, JLC said.

“This is the first time China has released the whole year’s quotas all at once, which will be conducive to enterprises’ purchase and production plans for the whole year”, it added.

In 2023, the Chinese government allocated a total of 203.64 million mt of crude import quotas in five batches.

By Aparupa Mazumder 

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