The rise of China's teapot refineries
Armed with import permits, the country’s private refineries are mopping up cheap global crude oil
CHINA’s small independent refiners are driving the country’s oil imports higher this year – a trend that started in 2015 when Beijing lifted restrictions barring private firms from importing oil directly. No wonder international crude suppliers are scrambling to court the independents: they could account for as much as one-fifth of China’s oil imports this year. Increased buying by the smaller processors, known as teapots, overwhelmed the port of Qingdao in Shandong province – home to most of them – in April with unprecedented tanker traffic. Crude imports to the province hit a record of 2.3m barrels a day in March, up a massive 1.1m b/d compared with a year earlier, even though China’s over
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
