Chinese refiners are on the lookout for spot cargoes in a likely boost for the tanker market as Opec+ production cuts threaten established supplies, analysts said on Tuesday.
Earlier than expected, China has issued its first batch of crude oil import quotas for 2023 in an attempt to boost domestic refinery production.
With Opec+ countries looking to cut production by 2m barrels per day from next month, Chinese refiners will look to the spot market to ensure adequate supplies, said Oslo-based broker Lorentzen & Co.
