• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 2 hours KSA taking Missiles from ?
  • 1 min How to Create a Pandemic
  • 6 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 1 min A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 4 hours Trump eyes massive expulsion of suspected Chinese spies
  • 12 hours >>The falling of the Persian Gulf oil empires is near <<
  • 9 hours Where's the storage?
  • 5 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 3 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 6 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 5 hours America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 11 hours Oxford Epidemiologist: Here’s Why That Covid-19 Doomsday Model Is Likely Way Off
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Platts: Chinese Independent Refiners Import Less Crude In January

China’s independent refiners—typically known as ‘teapots’—imported a combined 2.72 million bpd of crude oil in January, down by 8.7 percent from December, a monthly S&P Global Platts survey of smaller refiners showed on Friday.

The January imports of the independent refiners jumped by 27.7 percent compared to January 2018, but according to a source at the Qingdao port, several vessels originally scheduled to discharge the crude in late December were held up by logistical bottlenecks until January.

The Platts survey from last month showed that the December imports of the independent refiners increased by 5.6 percent from November as the teapots were rushing to utilize their crude oil import quotas allocated by the Chinese state for 2018. Yet the smaller refiners failed to use up the quotas, according to the survey.

For 2019, China issued in early January the first batch of crude import quotas, and they were lower than last year’s first batch. According to analysts, the quotas in the second batch, typically issued around September, could be higher. The basis for the 2019 quotas allocation was the use of the quotas between January and October 2018. During that period, independent refiners had used 71 percent of their quotas, Seng Yick Tee, an analyst with Beijing-based consultancy SIA Energy, told Reuters.

In early January, independent refiners had slowed down purchases for delivery in January and February, because Chinese demand for fuel is generally lower during the Lunar New Year holiday, which this year falls next week.

In recent weeks, however, teapots have started to buy more crude that will arrive in China in March and April, as independent refiners are looking to buy more crude for March and April delivery to restock supplies while oil prices are still relatively low. The buying in recent weeks has pushed up spot premiums for the independent refiners’ favorite crude grades from Russia, Oman, Africa, and Europe to between $0.50 and $1 higher than quotes from early January, according to Reuters' trade sources.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News