The number, size, level of sophistication and roles played by China’s independent, or so-called “teapot” refineries, are changing. Their evolution is reflected in the relationships between teapots and Middle East crude oil suppliers. In the battle to ensure their profitability and very survival, smaller Chinese teapots have adopted various measures, including sopping up steeply discounted oil from Iran. Meanwhile, Middle East suppliers, notably Saudi Aramco, are seeking to lock in Chinese crude demand while pursuing new opportunities for further investments in integrated downstream projects led by both private and state-owned companies.
Colombia is facing uncertain and troubling times. Multiple, interrelated crises including mass social protests, serious fiscal challenges, irregular armed conflict on its border, and the COVID-19 pandemic are destabilizing the country’s political landscape, economy, security, and society. Founded in 1810, Colombia is the second oldest democracy in Latin America, geographically well-positioned with access to the Pacific Ocean and Caribbean Sea and blessed with ample natural resources.