UPDATE 2-China's 2017 crude oil quotas exceed last year's, teapots take a cut

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* 2017 quotas total 91.73 mln T, vs 87.6 mln T for 2016



* Volumes for so called teapot refiners down 17 pct



* Independents already barred from fuel export
(Adds detail, quotes)



By Meng Meng and Florence Tan



BEIJING/SINGAPORE, June 19 (Reuters) – China last week
issued a second batch of crude oil import quotas under the
so-called “non-state trade” that is higher than for all of the
allowances in 2016, but allotments to independent refineries
were lower than a year earlier.



The lower grants to the independents dealt the new group of
crude oil buyers another blow because they were already barred
from exporting refined fuel, squeezing margins in an
oversupplied domestic fuel market.



The Ministry of Commerce approved 22.92 million tonnes to 32
companies, against 29 recipients in the first issue for 2017,
according to a document dated June 14 and viewed by Reuters on
Monday.



The 32 companies included mostly independent oil refineries,
also known as teapots, and some state-run companies.



That latest quotas take the total issued this year to 91.73
million tonnes, compared with 87.6 million tonnes in 2016. The
second batch will be valid until year-end.
  Continued…



Source: Google Alert – Oil refineries