Beijing’s crackdown on the private refining industry was one reason behind this import decline as the government tackled excessive fuel supply As it tackles teapots, however, Beijing is having trouble securing enough energy supplies for the winter amid soaring gas and coal prices Beijing has cut the crude oil import quotas for independent refiners for the rest of the year in the latest move to curb their growing oil market clout, Reuters has reported , citing industry sources. According to the report, the latest crude import quotas for independents is 14.89 million tons. This brings the total for the year to 177.14 million tons, which compares with 184.55 million tons for 2020. This would normally be strongly bearish news for oil . But there is so much going on for the bulls it’s likely that the effect of what amounts to a future decline in Chinese oil imports will […]