China to increase crude oil import quota by 5.14 million barrels per day

China's Ministry of Commerce announced that the country will increase crude oil import quotas for private refineries by 6% in 2025 and will reach about 5.14 million barrels/day.

China's Ministry of Commerce has announced that the world's top crude oil importer will increase its total import quota for private importers by 6% in 2025 to about 5.14 million barrels per day.

The total import quota for non-state companies has been raised to 257 million tonnes, or 5.14 million barrels per day, from 243 million tonnes allocated to private refineries this year, Reuters reported. The increase is aimed at enabling private refineries in China to import crude oil for processing.

China's Ministry of Commerce announced a 6% increase in crude oil import quotas for private refineries in 2025, opening up opportunities for the energy industry.

The increase in import quotas for 2025 comes as China’s newest refinery, Shandong Yulong Petrochemical, began operations last month with a capacity of 200,000 barrels per day. The plant is also preparing for another similar unit.

China's Ministry of Commerce also said that the country will allocate the first batch of crude oil import quotas to qualified applicants later this year. However, companies that have not imported crude oil in the past two years will not receive any quotas.

China plans to adjust and supplement the quota for 2025 after receiving feedback from refineries on their new needs and operating capacity.

China allocates crude oil import quotas to private refineries each year. The volume and timing of these allocations are typically divided into three to four batches per year. Analysts are watching closely for clues about China’s crude import needs and future strategy.

Although China's crude oil demand has disappointed this year, leading to a drop in oil prices and prompting OPEC and the International Energy Agency (IEA) to lower their expectations for global oil demand growth in 2024, the revision shows China's efforts to restore and boost its energy sector.

Lower-than-expected oil consumption in China, coupled with rising electric vehicle sales, will continue to weigh on global oil demand in the future, the head of the IEA said.

https://oilprice.com/Latest-Energy-News/World-News/China-Raises-Crude-Import-Quota-for-Private-Refiners.html

Source: https://congthuong.vn/trung-quoc-se-tang-han-ngach-nhap-khau-dau-tho-514-trieu-thungngay-354463.html