China has raised its fuel oil import limit for 2024 to 20 million metric tons, up from 19.2 million metric tons in 2023, as per a Ministry of Commerce policy document. A total of 208 companies are permitted to apply for fuel oil import quotas within this annual limit, an increase from the 165 companies allowed in 2023. The move is seen as a relaxation of controls to meet industry demand, particularly from independent refineries compensating for a crude feedstock shortfall. The first-come, first-served application process remains in place, similar to previous years.

SOURCE:GOOGLE