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OIL: China Raise Middle East / Africa Crude Imports as Iran Supply Dips

OIL
IranAPACCommoditiesChinaEnergy BulletsBulletMiddle East

China’s independent refiners have increased Middle East and Africa crude imports as a slowdown in available Iranian oil has forced a change in buying habits, according to Bloomberg.

  • Kpler data shows Iran crude supply to China has fallen more than 10% m/m in November while West African crude supply is the highest in at least two years, according to Sentosa Shipbrokers.
  • A large refinery bought about 10mbbl of grades from Abu Dhabi and Qatar for loading in December and January, according to Bloomberg sources and helped to clear an overhang of unsold crude from previous trading cycles.
  • Iranian oil supplies have reduced, and prices have increased, partly due to shipping constraints due to broadening US sanctions resulting in fewer vessels available for ship-to-ship transfers.
  • Some large refiners are backing away from supply from Iran due to concern for their exposure to US banking ahead of the incoming Trump administration, according to Energy Aspects.
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China’s independent refiners have increased Middle East and Africa crude imports as a slowdown in available Iranian oil has forced a change in buying habits, according to Bloomberg.

  • Kpler data shows Iran crude supply to China has fallen more than 10% m/m in November while West African crude supply is the highest in at least two years, according to Sentosa Shipbrokers.
  • A large refinery bought about 10mbbl of grades from Abu Dhabi and Qatar for loading in December and January, according to Bloomberg sources and helped to clear an overhang of unsold crude from previous trading cycles.
  • Iranian oil supplies have reduced, and prices have increased, partly due to shipping constraints due to broadening US sanctions resulting in fewer vessels available for ship-to-ship transfers.
  • Some large refiners are backing away from supply from Iran due to concern for their exposure to US banking ahead of the incoming Trump administration, according to Energy Aspects.