Saudi Arabia has sold almost 100 million barrels of oil to Asian buyers since the middle of last week, according to traders familiar with the matter, helping to avert a looming supply crunch in the region. The crude for delivery in October and November will be sent via the Strait of Hormuz, said the traders, […]
China’s Sinopec, the world’s top refiner by capacity, expects Chinese oil demand to drop by 8.9% in 2026 from a year earlier amid demand destruction from higher oil prices and the acceleration of electric vehicle adoption.
Chinese independent refiners may be about to start reducing their processing rates as international oil prices rise and supply from major exporters such as Venezuela and Iran dries up as a result of U.S. foreign policy decisions.
Oil moved higher on a thin day of holiday trading as risks to oil flows through the Strait of Hormuz continued to support prices, alongside the return of Chinese crude purchasing.
The prices of crudes from Canada, South America, and Africa have jumped in recent weeks as Chinese oil import demand is rising from a decade-low, benchmark prices rally, and Middle East supply remains disrupted.
China’s oil consumption fell 9% year over year in the second quarter as expensive crude accelerated the use of electric cars, trucks, rail and industrial equipment.
CNOOC Limited produced a record 398.7 MMboe in the first half of 2026, up 3.7% year over year, as new offshore projects and exploration gains supported production growth in China and overseas.
Saudi Aramco has offered more oil for loading outside the Strait of Hormuz in September, four sources with knowledge of the matter said on Wednesday, after the producer sold at least 4 million barrels to China this month.Shipping data indicates that Aramco has resorted to shuttling cargoes aboard tankers with their trackers switched off to […]
The world’s biggest oil refiner, China’s state-held Sinopec, is looking to transform its business as domestic fuel sales crumble amid the electric vehicle boom.
China’s oil demand probably peaked last year, earlier than previous estimates, according to the head of the nation’s top refiner.