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OIL: China Independent Refiners Lean Towards Middle East & WAF Crude

OIL
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China’s independent refiners have been buying up Middle East and African barrels as Iranian barrels become more expensive according to Kpler tracking. A similar trend has been spotted by other vessel tracking firms. 

  • A large Chinese processor bought about 10mn bbls of grades from Abu Dhabi and Qatar for Dec/Jan loading, helping to clear overhang according to Bloomberg sources.
  • Energy Aspects has said over the past week they have observed signs Chinese refiners avoiding Iranian oil over sanction fears ahead of Trumps administration starting and recent broader US sanctions on its dark fleet.
  • Iranian flows to China are down 10% m/m in November according to Kpler while WAF crudes are at a two-year high.

 

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China’s independent refiners have been buying up Middle East and African barrels as Iranian barrels become more expensive according to Kpler tracking. A similar trend has been spotted by other vessel tracking firms. 

  • A large Chinese processor bought about 10mn bbls of grades from Abu Dhabi and Qatar for Dec/Jan loading, helping to clear overhang according to Bloomberg sources.
  • Energy Aspects has said over the past week they have observed signs Chinese refiners avoiding Iranian oil over sanction fears ahead of Trumps administration starting and recent broader US sanctions on its dark fleet.
  • Iranian flows to China are down 10% m/m in November according to Kpler while WAF crudes are at a two-year high.

 

Keep reading...Show less