China’s independent refiners turn to Middle East crude as discounts widen

AI Summary

Chinese independent refiners are increasing purchases of Middle East crude oil, particularly from Gulf producers, due to wider discounts and better supply availability compared to Iranian barrels. The Strait of Hormuz remains open, facilitating this trade shift towards Middle Eastern grades.

China’s independent refiners have stepped up purchases of Gulf crude over Iranian barrels, as widening discounts and improved supply availability strengthen the economics of Middle Eastern grades, refinery sources and oil traders told Platts, part of S&P Global Energy, July 8. With the Strait of Hormuz remaining passable and more Middle Eastern crude able to ...