China Issues Higher Oil Import Quotas For 2021 ...Middle East

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China Issues Higher Oil Import Quotas For 2021
source : OILPRICE ( Middle East ) () 6
China has issued the first round of crude oil quotas for next year, and it is 18 percent higher than the respective round for 2019, Reuters has reported, citing unnamed sources in the know. At 122.59 million tons, the first 2021 quota batch equals almost 900 million barrels, based on a conversion factor of 7.33 barrels per one metric ton of crude. According to the report, China had announced earlier it would increase the oil import quotas for independent refiners by 20 percent next year, to a total of 243 million tons. China has been buying oil…

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