China demands independent refineries to maintain their gasoline and diesel production levels by 2025

The National Development and Reform Commission of China requires independent refineries to maintain at least the level of gasoline and diesel production by 2025, even if facing losses, to ensure domestic supply. Sources say that if refineries reduce their operating rates, future crude oil import quotas may be reduced. At present, the "Teapot" refinery's profit margin has decreased due to rising oil prices and the loss of discounted crude oil supply, with operating rates dropping to about 63% and profits turning negative, the weakest level since 2024.