Research
Article

Fellow Erica Downs examines the interplay between the return of China’s national oil companies (NOCs) to international mergers and acquisitions and China’s Belt and Road Initiative (BRI).

Research
Report

Fellow Erica Downs examines the history of China’s small, independent "teapot" refining sector, which has had a significant impact on oil markets since Beijing’s decision in 2015 to allow these refineries to import crude oil through a system of import quotas and licenses. The unique study, which draws on both external and local sources, including Chinese-language media reports, explores the teapots' transformation over the past three years, their impact on domestic and international energy markets, and the outlook for their future.