Source: Bloomberg
“China has bought millions of barrels of Saudi crude offered via a rare tender and under long-term contracts, although overall purchases still remain well below pre-war levels. State-run refiners PetroChina Co. and Sinochem Group, along with Unipec — the trading arm of Sinopec Group — and private processor Rongsheng Petrochemical Co., bought a combined 10 million barrels of Arab Medium and Heavy grades in a tender, said traders familiar with the matter. The oil is for prompt loading. … Aramco offered spot supplies of sulfur-rich crude from locations outside of the Strait of Hormuz for loading as soon as this month. The grades are produced within the Persian Gulf, suggesting the kingdom may be finding ways to move more barrels through the waterway.” (08/20/26)