China Readies for Reopening With Huge Quota for Crude Imports

(Bloomberg) — China issued a generous quota for crude imports in a sign that its refiners are set to increase output as the nation moves away from Covid-Zero policy.

The country will permit a total of 111.82 million metric tons of imports for 44 non-state owned refiners and traders in the latest batch, according to traders with knowledge of the matter. China sets a quota system under which independent refiners are given a certain volume to import oil in several allowances each year.