China’s fuel oil imports to continue uptrend in 2023 amid strong demand, tight crude quotas

Chinese independent refineries are likely to keep importing large volumes of fuel oil as feedstock for the rest of the year to compensate for tight crude quota availability, refinery and trade sources told S&P Global Commodity Insights July 25. These independent refineries, mostly based in Shandong, ramped up fuel oil imports in June to at least 1.32 million mt from…