Beijing will not issue fuel export quotas for independent refineries next year, dealing a blow to the upstart group of companies and scrapping a key component of a scheme that has transformed China’s oil markets, three sources said. The surprise move ends a policy launched at the start of this year that allowed some privately run refineries – known as ‘teapots’ – to sell their diesel, gasoline and naphtha abroad, just a few months after Beijing first allowed them to import crude oil. Ending the scheme will hand control of the lucrative export business back to China’s big four state-run oil majors, but it was not immediately clear whether this will affect the country’s burgeoning refined products exports. Record Chinese fuel exports, which totaled 30 million tonnes of gasoline, diesel, jet fuel […]