Chinese buying rises as US demand slumps

摘要

According to Argus Global Markets, Chinese refiners bought close to 1mn b/d of March-loading West African crude, down from the record highs of over 1.1 mn b/d for February, but still up by 200,000 b/d on average imports last year. Refiners are having to seek alternatives to Iranian, Sudanese and domestic crude. South Sudan started a shutdown of its 310,000 b/d crude output on 20 January amid a dispute with Sudan over transit fees. China is the largest importer of heavy sweet Sudanese supply, buying just over 260,000 b/d last year.