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Trafigura Sees Record China Buying For Some Crude Grades

OIL

Trafigura traders in China, Singapore and Dubai are seeing a strong commodity demand pull from China with the country’s economy rebounding as it reopens from pandemic lockdowns, Trafigura chief economist, Saad Rahim, said.

  • “We are seeing record amounts of buying for certain crude grades,” Rahim said.
  • Crude buying in China picked up partly due to lower commodity prices as well as China’s reopening, he added.
  • China imported most of its crude from Russia in the first two months of this year accounting for 15.68mn tonnes, followed by 13.92mn tonnes from Saudi Arabia, General Administration Customs data show.
Energy BulletsCommodities
Energy BulletsCommodities

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