China Plans to Import More Oil as Glut Pressures Prices
- China increases 2021 private firms import quota by 823k b/d
- Zhejiang Petrochemical started up one of its new 200k b/d CDUs
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A sharp drop in oil prices may be about to get some relief from China.
Against a backdrop of sagging demand and signs of growing supply, the world’s biggest oil buyer raised the quota for use of overseas oil by non-state entities next year by more than 20% versus 2020, according to an announcement from the Ministry of Commerce earlier Monday.