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Saudi Loadings for China Gain in August

OIL

Middle Eastern crude loadings to China rebounded in August according to Vortexa, back above 5mn bpd but overall crude demand remains well below 2023 levels.

  • 20% of volumes arrived from Saudi, back to a similar level observed in the early months of the year.
  • It comes following significant cuts in Saudi OSP’s for August loadings bound for Asian.
  • Meanwhile, China continues to lose Russian Far East supplies to India, despite CNOOC resuming its stockpiling of ESPO Blend according to Vortexa.



Source: Vortexa

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