Oil Tankers Sail in Circles Off China

The video discusses China's oil refining industry, focusing on the role of Qingdao port as a gateway for independent refiners known as 'teapots.' These refiners have increased their oil purchases, but the port's infrastructure has not kept pace, causing potential disruptions. The teapots, while small individually, collectively account for a significant portion of China's refining capacity. Any reduction in their imports due to port congestion could threaten the recent recovery in global oil prices.

What is the expected daily crude oil purchase by teapot refiners this year?

What could threaten the recovery of oil prices according to the text?