American and African Crudes Soar as China's Oil Imports Rebound
Chinese imports have rebounded from a June low, while African and American grades command higher premiums as Asian buyers seek alternatives to disrupted Middle East supply.
9 Articles
9 Articles
China Oil Demand Revival Spurs Price Spikes From Congo to Brazil
A rebound in Chinese oil buying is driving up the prices of African, Canadian and Latin American crudes as disruptions in the Strait of Hormuz see refiners ranging farther afield for alternatives.
American and African Crudes Soar as China's Oil Imports Rebound
The prices of crudes from Canada, South America, and Africa have jumped in recent weeks as Chinese oil import demand is rising from a decade-low, benchmark prices rally, and Middle East supply remains disrupted. The Djeno crude from Congo, one of the smaller producers in OPEC, is being offered at a premium of $20 per barrel over ICE Brent, anonymous traders told Bloomberg on Monday. That's up from a $15 a barrel premium two weeks ago, according …
Oil prices are rising as tensions in the Persian Gulf rise. At the same time, China has increased its oil imports – and exports. The country's refineries want a piece of the attractive fuel pie.
A resurgence in Chinese oil purchases is driving up prices for African, Canadian, and Latin American crudes, as disruptions in the Strait of Hormuz force refiners to seek alternatives in more distant regions. Gulf supplies remain limited, while Iranian exports have virtually dried up due to US sanctions. Meanwhile, rising demand from China marks a shift from the early months of the oil price surge. [The article "Rebounding Chinese Oil Demand Lif…
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