China's biggest oil and gas producer state-owned CNPC is calling for reform of the country's windfall tax on refiners and has warned of challenges raising domestic output. China has imposed a windfall tax on fuel profits when crude is below $40/bl since 2016. Refiners are asked to pay the difference between crude and fuel prices into a so-called stabilisation fund designed to reduce environmental pollution. The government should either exempt companies from these payments or redirect the proceeds towards efforts to increase domestic energy supply, CNPC's research institute ETRI said. The Covid-19 pandemic and low oil ... (full story)