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
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
