Analysis: China’s teapots crank back to life, aided by cheap Russian oil

SINGAPORE, June 14 (Reuters) – China’s army of small, privately owned oil refiners are raising output on hopes of recovering fuel demand as COVID-19 curbs ease and refining margins swell due to an increasing supply of cheap Russian oil, traders and analysts said.

Higher demand from the world’s largest crude oil importer at a time of tight supply is likely to have far-reaching market consequences, including displacing shipments from West Africa and Brazil as well as boosting Russian earnings even as Europe and the United States impose sanctions for attacking Ukraine.

https://www.reuters.com/business/energy/chinas-teapots-crank-back-life-aided-by-cheap-russian-oil-2022-06-14/

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