China's 'teapots' eat into crude glut - but build Asian fuel surplus
Tweaks in pricing scheme lock up margin when oil price falls under US$40 a barrel
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Singapore
NEWLY licensed Chinese oil importers are taking advantage of low crude prices and healthy domestic product margins, snapping up hundreds of thousands of barrels a day of a global surplus but also adding to China's swelling fuel exports.
Armed with quotas that could make up a fifth of total Chinese crude imports this year, the independent refiners - nicknamed "teapots" - are seeking barrels from Asia, the Middle East, Europe and South America, and are prepared to pay top premiums to secure deliveries out to April.
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