China’s independent refiners are set to cut production in coming weeks as a Ukraine-driven surge in oil prices squeezes margins, with a jump over $130 a barrel unnerving producers, trading executives and analysts said. Production curbs at the so-called teapot plants that account for a fifth of China’s crude oil imports will reduce purchases by the world’s top oil importers. In a sign of less buying, Beijing has already urged state refiners to halt gasoline and diesel exports in April to ensure domestic supplies. The teapots, mostly located in eastern Shandong province, had already been expected to operate at lower rates this year after Beijing slashed their import quotas, but a spike in global oil prices to 14-year highs amid the Ukraine crisis is piling on pressure. “Refining margins have rapidly thinned as the cost of imported crude oil soared much faster than domestic […]