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China Cuts Crude Oil Import Quota and Favors Mega-Refiners

  • Allocations are 11% lower than the same batch given a year ago
  • Almost 40% of quota goes to three large, complex refineries

China’s government cut the amount of crude oil import quota awarded to independent oil refiners and favored large, complex processors as it seeks to reform the sector.

Beijing granted 109 million tons of allowances to 42 private refiners in the first batch for 2022, according to officials from companies that received notification of the allowances. That was 11% less than in the first tranche for this year.