China issues 2024 crude import quotas, 60 percent more than a year earlier.
Nearly 180 million tons of raw material is getting pumped into dozens of companies, marking a 60 percent jump from 2023. To put that number in perspective, it’s nearly a whole year’s quota granted in one shot.
In a move that surprised the market, Beijing has issued quotas for 179.01 million tons—or 3.59 million barrels a day—of crude imports for the year ahead, according to industry consultancy JLC.
Forty-one companies, mostly independent refiners, were given the fresh quotas, with some of them allotted full-year allowances, trade sources and consultancy JLC and Longzhong said.