Middle East crude benchmarks Oman, Dubai and Murban rose on Monday as the increase of China’s crude oil import permissions bolster hopes that Chinese buyers would boost crude purchase.

China, the world’s biggest oil buyer, has issued its second batch of 2023 crude oil import quotas to mostly independent refiners, totalling 111.82 million tonnes, according to two sources with knowledge of the matter and documents reviewed by Reuters.

The new allotment, which is largely in line with market anticipation, drives China’s crude oil import quota to 131.82 million tonnes, up 20% from the 109.03 million tonnes issued in the same time for 2022.
Source: Reuters