Chinese teapot refineries imported 5.7 percent less crude oil in August than in July, a survey by S&P Global Platts has revealed, reinforcing a growing worry that a tax regime overhaul will affect Chinese crude oil demand negatively. On an annual basis, S&P Global Platts said, the August import figure was 12 percent lower. The research company noted the lower import rates were related to a more active typhoon season in China, which forced a suspension of berthings for two weeks. “Typhoons hit Qingdao port four times in August, and vessels could not call at the berths for almost half a month,” a source from one of the busiest Chinese ports told S&P Global Platts. This went against expectations for higher imports following refinery maintenance. Yet teapot refiners have been having other problems since March, when Beijing tightened tax collection controls, closing loopholes that let the independent refiners make […]