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China Readies for Reopening With Huge Quota for Crude Imports

  • Independent refiners and traders allowed 111.8 million tons
  • Refiners may be able to tap higher quota amid reopening
Bloomberg business news
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China issued a generous quota for crude imports in a sign that its refiners are set to increase output as the nation moves away from Covid-Zero policy. 

The country will permit a total of 111.82 million metric tons of imports for 44 non-state owned refiners and traders in the latest batch, according to traders with knowledge of the matter. China sets a quota system under which independent refiners are given a certain volume to import oil in several allowances each year.