Crude Oil Imports At China’s Private Refiners Set To Plunge This Autumn

China has slashed by 35 percent the crude import quotas for its independent refiners in the second batch of oil buying authorizations this year, suggesting that Chinese teapots will import much lower volumes in the second half of the year compared to last year and to recent months. The second batch of import quotas by Chinese authorities is 35 percent lower than the same batch last year, and some independent refiners that had previously been allowed to buy foreign crude are cut off from this year’s second batch, Reuters reported on Monday,…