Gulf producers stand to gain as China replaces Iranian loss

AI Summary

China’s non-Iranian Middle Eastern crude arrivals are expected to reach their highest level since the war began as Iranian supplies dwindle. Saudi Arabia and Iraq are positioned to increase sales, although VLCC scarcity and ship-to-ship bottlenecks in the Strait of Hormuz are delaying cargo deliveries.

China’s non-Iranian Middle Eastern crude arrivals are set to reach their highest level since the war began, despite VLCC tightness and Hormuz ship-to-ship (STS) bottlenecks delaying cargo deliveries. As Iranian supplies dwindle, Gulf producers — particularly Saudi Arabia and Iraq — are well positioned to capture more of China’s crude demand. Meanwhile, Beijing’s fuel export ...