China Soft Saudi Oil Buying Signals Shift to Urals, EA Says

Chinese refiners are asking for less oil from Saudi Arabia, with the drop possibly pointing to a reshuffle of global flows as more Russian crude becomes available, according to Energy Aspects Ltd.

A decline in so-called nominations for term cargoes from Saudi Aramco for September loading, led by trading-giant Unipec, indicated some Chinese refineries were holding back from purchases given the greater availability of Russia’s Urals, as well as comfortable stockpiles, the London-based consultant said in an Aug. 11 note, without saying how it got the information.