Kpler(@Kpler):Scarce barrels eclipse record quotas China's independent refiners have more crude import quotas than ever, but fewer affordable barrels to fill them. Total 2026 allocations have reached a record 219.5 mt, while Iranian and Russian supplies remain tight and replacement barrels command steep premiums. Shandong teapot run rates have already slipped to 54.07% and could fall further in October. If runs decline towards 45%, state-owned refiners may need roughly 350 kbd of additional throughput to offset lost production, shifting crude demand towards compliant barrels and supporting the Dubai market. Stay ahead of the market with #Kpler Insight:

2026.09.29 10:25

Scarce barrels eclipse record quotas China's independent refiners have more crude import quotas than ever, but fewer affordable barrels to fill them. Total 2026 allocations have reached a record 219.5 mt, while Iranian and Russian supplies remain tight and replacement barrels command steep premiums. Shandong teapot run rates have already slipped to 54.07% and could fall further in October. If runs decline towards 45%, state-owned refiners may need roughly 350 kbd of additional throughput to offset lost production, shifting crude demand towards compliant barrels and supporting the Dubai market. Stay ahead of the market with #Kpler# Insight: