The third batch of crude import quotas will be received by China's qualified independent and non-major state-owned refineries by the end of June. Those short in quotas then will be able to carry out their procurement plans.
At 25.17 million mt is expected for the volume of the third round quota allocation to 17 qualified refineries with their annual ceiling has not been met by current quota allocations. With the third round allocation, up to 177.78 million mt of imported crude would be refined by the qualified refineries in 2020.
About 69.53 million mt of crude imported in the first five months of the year, leaving 108.25 million mt of quotas unused for imports over June to December.
May imports hit an all-time high of 18.71 million mt. However, the refineries' monthly crude oil imports so far this year have averaged only 13.91 million mt. The group of refiners' crude imports in June and July expected by analysts at around the same as May volumes then slow down a bit in August.
