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Reports via news wires on Tuesday of a massive jump in China crude import quotas for 2024. Highlihgts from the various reports:

China has released 179.01 million metric tons of crude import quotas for 2024

• this is 60% up from 2023.
• compared to a quota of 111.82 million tons issued in the first batch of quotas for 2023

Total crude import quotas allocated to Chinese refiners are now equal to all the four batches of import quotas issued in 2023

• the first time that China has allocated a year's worth of quotas in one batch

China may not be done with the allocation of crude oil import quotas for 2024, according to a note from OilChem cited by Bloomberg.

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At the very least this locks in a known quantity of demand from China for the year ahead. and that last point, that they may not be done with quota allocations leaves the door open to more demand.