Chinese authorities have told independent refiners to keep gasoline and diesel output at least at 2025 levels, even at a loss, to secure domestic supply amid disruptions to global crude trade caused by the Middle East conflict, according to people familiar. The National Development and Reform Commission warned that refiners cutting run rates risk reductions in future crude import quotas. The directive comes as “teapot” refiners face shrinking margins due to surging oil prices and the loss of discounted sanctioned crude, with utilization rates falling to around 63% and margins turning negative, the weakest since 2024.(金十数据)