China's teapot growth
The expansion has been boosted by bigger import quotas and a buying alliance
China's "teapot" refineries will be much busier in 2018 than was widely expected because the government has increased its oil import quota by 55% compared with 2017. This figure has important implications for the wider market. The new arrangements, announced by the commerce ministry in early November, allow non-state refineries to import 142.42m tonnes of crude this year, up from 2017's 91.73 tonnes. The independents won't get all of this, but on past performance they should pick up about two-thirds. The quota, so much higher than expected, confirms the growing power of the teapots in China's drive for higher-quality refining, especially considering that Beijing cut their import allowances i
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
