Independent Chinese refineries, known as teapots, are lobbying with the government for the lifting of a fuel export ban that has cut a major source of income. The export quotas were suspended at the end of last year without an official warning or explanation. Teapots last year got their first fuel export quotas, which led to improved crude oil demand in China, positively affecting international prices. In fact, the teapots were considered by many to be among the factors that put a stop to the oil price slide that brought prices below $30 a barrel in February 2016. The leaders of the lobbying drive are two members of parliament and heads of two major teapots: Wang Youde of Hengyuan Petrochemical Co. and Li Xiangping, the chief of the largest teapot, Shandong Dongming Petrochemical Group. Li told Reuters that the ban increased the pressure from domestic competition for independent refiners […]