September 09, 2026 [Oil Price]- Rising international oil prices and reduced supply from Venezuela and Iran are prompting China’s independent refiners, known as “teapots,” to consider lowering their processing rates. Refining margins have dropped to breakeven from $10 per barrel in July. In August, China imported 37.93 million tons (8.93 million barrels per day) of crude oil, a 6.2% increase from July but 23.4% lower than last year. As the Middle East conflict escalates, the global fuel squeeze is expected to worsen. Chinese refiners may increasingly rely on Russian crude, which is also seeing rising prices.

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