These quotas are likely to raise imports China of crude as the new year approaches after a recovery in purchases in November, driven by a significant reduction in the prices of shipments from Iraq and Saudi Arabia.
The sources said that refineries, including Hengli Petrochemical and some independent refineries in eastern Shandong province, have been informed that they will receive additional quotas for the current year.
It was not confirmed Chinese Ministry of Commercewhich regulates import operations and quotas Oil Raw materials, according to a Reuters report.
China set the import quota of crude oil for non-governmental companies at 243 million tons in 2024 and raised it to 257 million tons in 2025.
“The additional quotas will stimulate some interest in spot shipments, especially from Iranian oil,” said Xu Muyu, a senior analyst at Kpler.
And it rose Oil prices Iranian exports to China reached a multi-year high this month as lower exports pushed up prices amid concerns that tension in the Middle East could disrupt some supplies.
