China’s independent ‘teapot’ refineries are reshaping global oil markets and posing a challenge to OPEC
Independent oil refiners in China, known as "teapots," accounted for most of 2016's 13.5 percent rise in oil imports in the nation, which is a bigger crude oil importer than the United States. As they go shopping for deals on the commodity around the world, they "are creating an opening for other suppliers, other traders, and OPEC has to rise up to that challenge," one expert said.
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May 26, 2017