China’s independent refiners have snapped up barrels from across the Middle East and Africa as offers of Iranian oil remain scarcer and more expensive than usual, in part due to broadening US sanctions.
A large processor bought about 10 million barrels of grades from Abu Dhabi and Qatar, according to traders who asked not to be identified. The cargoes are for loading in December and January, and helped to clear an overhang of unsold crude from previous trading cycles, they added.