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Article Summary
- Chinese refiners are increasing their purchases of crude oil from the Middle East and Africa due to a drop in supply from Iran.
- Iran's oil exports have been significantly reduced due to US sanctions.
- Chinese refiners are looking to diversify their crude oil sources to ensure stable supply.
- Middle Eastern and African countries are benefiting from the increased demand for their crude oil.
- The global oil market is being impacted by geopolitical factors and shifts in supply and demand.
- The tone of the article is informative and analytical.
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Chinese Refiners Buy More Middle East, Africa Crude As Irans Supply Drops
Private Chinese refiners, who buy most of Irans crude, have recently scoured West Africa and the Middle East for supply unsold in previous trade cycles, as flows of Iranian crude have dropped amid higher prices and preparation for the incoming Trump Administration. Chinas independent refiners, the so-called teapots, are key buyers of Irans sanctioned crude, and the two sides have establis...
https://oilprice.com/Latest-Energy-News/World-News...
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