China permits non-state trade imports of 257 million metric tons of crude oil in 2026

October 21, 2025
-FXnews

China Commerce Ministry announces 2026 crude oil import quotas and application rules for non-state traders

permits non-state trade imports of 257 million metric tons of crude oil in 2026.

This is the same quota as this year. Its likely to be perceived as the Chinese government not expecting a growth in demand.

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What is the “non-state” crude oil quota?

This is a critical annual announcement for the global oil market. The quota is allocated by Beijing to about 40 of China’s independent refiners.

These are not the giant state-owned companies like Sinopec or PetroChina (which do not need these quotas). Instead, this quota is for the private, independent refiners, famously known as “teapots”.
China’s “teapot” refiners are collectively a massive force in the global oil market. They are highly price-sensitive and agile, often buying from a wide range of suppliers

China permits non-state trade imports of 257 million metric tons of crude oil in 2026

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