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China’s third batch of 2023 crude oil import quotas issued, taking volumes to up 20% y/y

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Reuters had this info ICYMI, citing six people and documents sighted:

China has issued a third batch of 2023 crude oil import quotas, raising the total volume in the first half of this year to 194.1 million tonnes, up 20% from the same period last year

Link here for more.

China scooping up increased oil volumes should be a tailwind for the oil price. Chinese independent refineries have been boosting imports of discounted crude oil essentially from Russia, Iran and Venezuela over the past months.

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