China is the world's biggest oil buyer but its demand may be slowing down soon

Get the Full StoryCarlos Garcia Rawlins Reuters

Rising oil prices are hurting China's previously torrid demand for oil.

What's hurting demand more, is a tighter tax regime on some Chinese refiners.

This could hurt global oil demand in time.

Oil demand growth in the world’s biggest oil importer—China—is at risk of slowing down, at least in the coming months.

Higher oil prices play a role in this, but the main culprit is a new tighter tax regime on independent Chinese refiners, which is already choking the refining margins and profits of the so-called ‘teapots’ who have grown over the past three years to account for around a fifth of China’s total crude imports. See the rest of the story at Business InsiderNOW WATCH: Super-Earths are real and they could be an even better place for life than EarthSee Also:Spare capacity is emerging as the biggest risk factor in oilMexico's new president will probably keep its secretive billion-dollar oil hedge goingA storm is brewing for US oil exportsSEE ALSO: Apple is failing spectacularly in one of the world's biggest smartphone markets

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