Chinese Fuel Oil Imports Jumped by 21% in the First Two Months of the Year

China’s imports of fuel oil surged by 21% in January and February compared to the same months in 2023, according to data from the Chinese General Administration of Customs released on Wednesday and reported by Reuters. Fuel oil imports have been rising in the world’s top crude oil importer in recent months as the independent refiners, the so-called teapots based in the coastal province of Shandong, have ramped up the use of fuel oil as a cheaper feedstock.    At the end of last year, the teapots had lower quotas to import…