The Chinese government has permitted independent refineries to use their 2024 crude oil import quotas in advance to address tightness in the allocation for 2023. However, few refineries are interested in applying for the advance quotas, citing late permission and already finalized December plans. Refineries need to submit applications by December 11, and while the move is seen as recognizing industry needs, the short procurement window and potential impact on 2024 quotas contribute to the limited interest. China set the crude oil import quota cap for 2024 at 243 million metric tons, unchanged from previous years.

SOURCE:GOOGLE