How China’s ‘teapot’ refineries are cushioning it from Iran war oil crisis
China's 'teapot' refineries are helping the country continue importing oil from Iran despite the ongoing war. These small independent refineries have stockpiled oil reserves and increased imports from countries like Iran, Russia, and Venezuela, cushioning China from the oil crisis.
China's small independent refineries, known as 'teapot' refineries, are helping the country weather the oil crisis caused by the war in Iran. These refineries have been stockpiling oil reserves and increasing imports from countries like Iran, Russia, and Venezuela. China gets over half of its oil from the Middle East, with Iran being a major supplier. In 2021, Chinese President Xi Jinping stated that the country would take its energy supply matters 'into its own hands'. Since then, China has been preparing for an energy crisis by securing its oil supply through 'teapot' refineries. China's oil supply is not entirely immune to the ripple effects of the war, but the country's continued buying of Russian and Iranian crude has provided some buffer.
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