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China has granted additional crude import quotas to independent refiners to maintain fuel production at mandated 2025 levels amid disrupted Persian Gulf supplies, according to people familiar with the matter. Issued before the US–Israel–Iran ceasefire, the measure aims to secure domestic energy supply but is not expected to improve margins as refiners face higher crude costs and narrower discounts on sanctioned oil after US waivers expanded access. Teapots were instructed to keep output stable even at a loss and maintain run rates for at least a month after the Strait of Hormuz reopens. The sector, about one-fifth of China’s refining capacity, continues to face overcapacity pressures. Analysts cited GL Consulting noting the policy helps utilize private refiners’ import capacity as a supply buffer, while Energy Aspects said quotas support flexibility but many refiners remain constrained by weak margins and rely on bonded sanctioned crude.