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China Picks Up Buying Of Kazakh Crude Oil


China bought 5mn barrels of mostly Kazak crude for collection next month and by this is snapping up cargoes of crude that would normally head to Europe, according to Bloomberg.

  • In daily flow terms, it is the most buying of Kazakh crude from China since the start of 2021.
  • This oil has been the preserve of European refiners since the middle of last year when EU companies cut purchases of Russian crude.
  • China’s return in demand from Covid is still in the early stages, further stressing how susceptible Europe could be to resurgent buying from China.
  • Chinese demand is estimated to rise after China’s Lunar New Year at the end of January, according to traders.

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