GreenergyDaily

Nov. 28, 2025

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.

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.

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.

Last month, China's commerce 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.