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China Issues Second Batch of Crude Oil Import Quotas

By Tsvetana Paraskova - Dec 30, 2024, 7:30 AM CST

China has just given a potential boost to its crude oil imports as it has issued a second batch of import quotas for 2025 to its independent refiners, trade sources told Reuters on Monday.

Unlike the state refiners, private refiners in China need to be granted import quotas to be able to import crude to process at their refineries.


The Chinese authorities have now issued at least 152.49 million metric tons of crude oil import quotas to the independent refiners, the so-called teapots, according to Reuters’s sources.




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These add to at least another 5.84 million metric tons of crude by the end of 2024 or early next year, which China issued at the end of November.

The 5.84 million-ton quota was expected to be used by the end of this year.

With the second batch of at least 152.49 million tons, crude import quotas to independent refiners for 2025 have increased so far to 158.33 million tons, or 3.17 million barrels per day (bpd), per Reuters estimates. This compares to a total import quota of 179.01 million tons for 2024.

China has recently raised the provisional cap of crude import quotas that it would issue to private refiners in 2025—to 257 million tons, up from the cap of 243 million tons of crude for 2024.