Global crude market finds support mainly from China demand

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China, the global oil market's lifeline this year, has stepped up purchases from exporters like Russia, the United States and Angola in recent weeks, while buyers elsewhere pare orders as coronavirus infections surge and fresh lockdowns are put in place.

, have provisionally booked, or are looking to book supertankers to ship U.S. crude from the Gulf Coast to Asia in December, according to shipbrokers and Refinitiv Eikon data.

“Lockdowns will probably be in place in Europe for much of this winter. China has raised its quotas and capacity. It looks like the demand will be centered there in the near future,” a trader at a European refiner said. “Chinese demand is more visible now,” one trader in the Russian Far East crude oil market told Reuters. “Trading firms are very active as they expect more requests from China’s independent oil refiners that will buy oil under new import quotas.”

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this is terrible news

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