China has issued 35.24 million tonnes of crude oil import quotas to non-state refiners in a second batch of allowances for 2021, a 35% drop from the same slot last year, according to a document seen by Reuters and two sources with knowledge of the matter. The sharp decline comes after a recent crackdown on trading of such quotas as Beijing works to consolidate its bloated refining industry and reduce emissions. read more Analysts expect the changes in quotas and newly imposed taxes on bitumen feedstock to reduce independent refiners’ crude imports and their fuel output in the second half of the year although […]