, Columnist
China’s Thirst for Oil Is No Tempest in a Teapot
Demand from small refiners is triggering a surge of exports that threatens to undermine profits for rivals across Asia.
Asia’s cup runneth over.
Photographer: Qilai Shen/Bloomberg
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China can’t get enough of the world’s crude oil. The only problem is, what to do with it?
Saudi Arabian Oil Co., or Saudi Aramco, sharply raised prices for Asian shipments on Tuesday, lifting its premium on Arab Light crude by 50 cents to $1.20 a barrel above the Oman-Dubai benchmark. That’s a dramatically steeper increase than the 15 cents to 35 cents expected by traders, and it’s being driven by a bottomless thirst from Chinese refiners.
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China’s Thirst for Oil Is No Tempest in a Teapot