ICYMI – China issues huge batch of crude oil import quotas for 2024

<p>Reports via news wires on Tuesday of a massive jump in China crude import quotas for 2024. Highlihgts from the various reports:</p><p>China has released 179.01 million metric tons of crude import quotas for 2024</p><ul><li>this is 60% up from 2023.</li><li>compared to a quota of 111.82 million tons issued in the first batch of quotas for 2023</li></ul><p>Total crude import quotas allocated to Chinese refiners are now equal to all the four batches of import quotas issued in 2023</p><ul><li>the first time that China has allocated a year’s worth of quotas in one batch</li></ul><p>China may not be done with the allocation of crude oil import quotas for 2024, according to a note from OilChem cited by Bloomberg.</p><p>—</p><p>At the very least this locks in a known quantity of demand from China for the year ahead. and that last point, that they may not be done with quota allocations leaves the door open to more demand. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.