China’s refinery crackdown leaves oil tankers with nowhere to go ...News

Russia Today - Economy
China’s refinery crackdown leaves oil tankers with nowhere to go
source : Russia Today ( News ) () 14
China is cracking down on its private-sector oil refiners in a bid to close tax loopholes and mitigate pollution. Approximately a quarter of the nation’s mammoth refining capacity comes from these independent refineries, known as “teapots.” Beijing allowed these private refiners with their most limited crude import quota since 2015, when teapots were first able to directly buy their own oil. This blow to a significant portion of the nation’s refining capacity is currently causing major disruption to the supply chain of crude oil in the region. This is not only a problem for China’s oil supply and voracious demand, but for all of the ma

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