China issued a substantial increase in its crude imports quotas for this year, the clearest sign yet that Chinese refiners are set for a material increase in output - and a surge in demand for oil - as the nation finally moves away from its ridiculous Covid Zero policy. On Monday, China issued a second batch of 2023 crude oil import quotas, raising the total for this year by 20% compared to the same time last year, according to Reuters and Bloomberg.
According to the document from the Ministry of Commerce, 44 companies,…China Signals Surge In Oil Demand With Major Increase In Import Quotas
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