China's Clampdown On Small Refiners Could Impact Oil Demand

In a bid to reduce refining overcapacity, China is stepping up pressure on independent refiners to uproot illegal tax practices and check if outdated facilities have been closed as required, Bloomberg reported on Tuesday, quoting sources with knowledge of the plans. China’s National Development and Reform Commission (NDRC) is launching this week inspections and audits at more than 50 private oil refiners, most of which are located in the Shandong province in the east—the home of the independent refiners often referred to as ‘teapots’.

…