China’s Teapot Refiners Slash Output as Hormuz Crisis Crushes Margins
Independent “teapot” refiners in China — the smaller, privately owned facilities concentrated in Shandong province that account for roughly a quarter of the country’s refining capacity — are slashing production rates as the ongoing paralysis in the Strait of Hormuz drives crude prices higher and crushes refining margins. According to industry sources cited by Reuters […]
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