Chinese Teapots Snap Up Middle East Crude As Prices Slide

AI Summary

Chinese private refiners have increased purchases of Middle Eastern crude oil on the spot market due to sliding prices, including cargos from Saudi Arabia, UAE, and Iraq. These transactions reflect China's opportunistic buying amid current crude price declines.

Chinese private refiners are buying Middle Eastern crude on the spot market amid falling prices, Bloomberg reported today, citing two purchases of Saudi and Emirati crude. According to the report, one teapot refiner, Rongsheng Petrochemical Co. bought a cargo of Saudi crude for prompt delivery this month, and another, Shengdong petrochemical Group Co. snapped up an Emirati Upper Zakum crude cargo. A third private refiner from China bought a cargo of Iraqi Basrah crude for delivery next month, unnamed trading sources told the publication. The purchases…