China buys Saudi oil via rare auction

China has purchased millions of barrels of Saudi crude oil through a rare auction and long-term contracts, although the total purchases still remain below pre-war levels. Both government and private refineries, including PetroChina, Sinochem Unisource, and Rongsheng, bought about 10 million barrels of medium and heavy Arab crude for immediate loading. Additionally, Saudi Aramco allocated at least 14 million barrels to refining companies for next month’s loading under annual contracts. The market is closely watching for a sustainable recovery in China's purchases and the resumption of oil stock replenishment, following a decline in imports and the impact of the war on refining operations. Saudi Arabia faces logistical challenges in exporting oil due to security threats in the region.

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