Why China's teapot refiners are going cold

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China's National Development and Reform Commission (NDRC) has announced that it will stop receiving applications for crude import quotas from teapot refiners from May 5th 2017. We forecast crude import quotas to remain at 2017 levels in future, however, the crude quota utilisation will increase over time as the current level is around 72%. With tightening policies and increasingly stringent fuel quality norms, we believe golden days are over for teapot refiners.

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This report includes 3 images and tables including:

  • Teapot refiners total feed
  • Teapot refiners imported crude
  • Why China's teapot refiners are going cold: Image 1

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    Why China's teapot refiners are going cold

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