Reported about 17 hours ago
In anticipation of possible disruptions due to tighter sanctions on Russia and Iran, China's major state and private refiners are urgently purchasing crude oil from the Middle East and other regions. Companies like Cnooc and Shandong Yulong Petrochemical Co. are seeking immediate crude supplies amid concerns that smaller private refiners could be forced to reduce output if they lose access to discounted oil. The demand for prompt delivery cargoes has surged, particularly for February shipments, as larger refiners aim to maintain domestic fuel security amid a volatile market.
Source: YAHOO