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SINGAPORE, Nov 27 (Reuters) – Independent refiners in China have received their first batch of crude oil import quotas for 2026 that can be used for cargoes arriving by the end of the year, trade sources said on Thursday.
The release of the fresh quotas is expected to boost crude imports by the world’s largest oil importer and ease a supply glut.
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Among the refiners, Hengli Petrochemical received a quota to import 2 million metric tons (40,000 barrels per day) of crude, said two of the sources with knowledge of the matter.
Rongsheng Petrochemical was permitted to import 750,000 tons, while Shenghong Petrochemical and Hongrun Petrochemical received quotas of 120,000 tons and 530,000 tons, respectively, three sources with knowledge of the matter said.
A source at another independent refiner said the company expected to receive official notification later on Thursday.
Tallies from trade sources showed that quotas of about 8 million tons have been issued to 21 refiners so far, up from 6.04 million tons issued in November 2024.
China’s commerce ministry, which regulates crude oil import quotas, did not immediately respond to a Reuters fax message to seek comment.
Last month, the ministry set the crude import quota for non-state trade at 257 million tons for 2026, unchanged from 2025.
Beijing is expected to dispatch the remaining quota for 2026 early next year, one of the sources said.
“The new issuances are expected to lift prices for prompt Iranian, Venezuelan, and Russian cargoes and help clear part of the floating storage,” Kpler’s senior analyst Xu Muyu wrote in a report on Thursday.
“The broader oil market is also set to find some support, although growing scepticism over US sanctions and lingering oversupply concerns are likely to keep persistent downward pressure on Dubai prices,” she added, referring to the Middle East crude price benchmark.
In October, the shortage of import quotas and tightening Western sanctions curbed China’s imports, leading to deeper discounts for sanctioned oil and a surge in the volume of oil stored on board ships in Asian waters.
Reporting by Chen Aizhu, Liu Siyi, Florence Tan and Trixie Yap; Additional reporting by Sam Li in Beijing; Editing by Christian Schmollinger, Thomas Derpinghaus and Clarence Fernandez
Our Standards: The Thomson Reuters Trust Principles.
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