China’s Independent Refiners Boost Run Rates

US Sanctions on China's "Teapot" Refiners Could Backfire

By: Tim DaissShandong teapot refiner. Photo from OilPrice NewsDonald Trump is applying fresh pressure against Iran’s oil production, this time with a twin goal – to not only help dry up funding for the Islamic Republic’s proxy wars in the Middle East to force it to the negotiating table over its nuclear development, but also to bring China to task.On March 20, for the first time, Washington’s sanctions included so-called Chinese “teapot” refiner…

China’s Independent Refiners Boost Run Rates

Independent refineries in China, often called teapots, raised their run rates in March in a positive sign for oil demand from the world’s largest importer but worry remains about the immediate outlook. The average run rate for the independents last month was 46%, Reuters reported, citing figures from Chinese energy consultancy Oilchem. The publication noted, however, that the March increase came from a rather low base of below 45% in February as…