China Refiners Scramble for Crude
Chinese independent refiners are rushing to secure millions of barrels of crude from West Africa, Canada and South America. The aggressive spot buying aims to replace thinning Iranian and Russian supplies as Middle East exports face mounting pressure.
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Independent refiners in China scrambled to secure over 20 million barrels of crude from West Africa, Canada, and South America during early September, driving spot premiums to multi-month highs. The aggressive buying spree replaces thinning supplies from Iran and Russia. The shift threatens to tighten physical markets further as Brent Crude Oil surged past $100 a barrel amid military escalations involving the United States.
