China emerges as only respite for crude sellers

摘要

Singapore—As the world faces unprecedented destruction in oil demand brought about by the coronavirus pandemic, China has in recent weeks emerged as the only respite for crude sellers seeking to offload cargoes, market sources told S&P Global Platts. “Only China is buying right now,” a Singapore-based crude trading source said. Chinese refineries have been ramping up run rates as travel restrictions are eased and lockdowns lifted within the country, allowing manufacturing and production to gradually resume since late March, sources said.