China's teapots seek Iranian oil after prices fall, sources say
Published on April 8, 2026.
Chinese independent refiners, known as teapots, are seeking prompt cargoes of Iranian crude after oil prices dropped below $100 per barrel on Wednesday. This comes after U.S. President Donald Trump agreed to a two-week ceasefire with Iran, subject to the reopening of the Strait of Hormuz. The Chinese refiners had largely remained out of the market since the conflict broke out in February, causing global oil prices to surge. To encourage higher refinery runs, China has issued a new batch of crude oil import quotas totalling about 55 million metric tons (419.5 million tonnes) to independent refines.
Related Articles
EDF allocates 240 million euros to boost electrification
EDF will invest 240 million euros in boosting electrification efforts across France, primarily through grants for low-income households and electric heavy goods vehicles, to facilitate this transition.
German industrial orders rise 0.9% in February
German industrial orders rose by 0.9% in February, with foreign orders increasing, but domestic declines remained significant.
Shell cuts gas production outlook, citing Middle East conflict
Shell has reduced its integrated gas production outlook due to the Middle East conflict, expecting higher production levels and increased market value.