Chinese refiners boost Middle East crude purchases as inventories shrink
Chinese refiners are increasing purchases of Saudi and other Middle Eastern crude while onshore stockpiles fall at a record pace.
Analytics firm Kpler reports that Chinese buyers have taken at least 80 million barrels of Saudi oil since mid-September. Onshore crude inventories in China dropped about 1.6 million barrels per day in September, the fastest decline on record. Refinery throughput is expected to rise to 14.2 million barrels per day by December, prompting refiners to replenish stocks and replace roughly 1 million barrels per day of Iranian supply amid the ongoing U.S. blockade.
Why it matters
China's heightened crude buying affects global oil markets and highlights supply-chain shifts amid geopolitical constraints.
In this story
Chinese refinersMiddle East crudeSaudi oilinventory drawdownrefinery throughputIranian supplyU.S. blockadeDubai crude pricing
