Chinese state-run refiners are considering resuming crude imports from the United States after a nine-month suspension, driven by the ongoing supply crisis in the Middle East, S&P Global’s Platts reported on March 9.
S&P Global reports that the additional 20% tariffs on US crude remain in place, but analysts and refinery sources indicate they may be temporarily overlooked if supply disruptions continue.
Last Thursday, China told its largest oil refiners to suspend exports of diesel and gasoline, Bloomberg News reported, citing unidentified sources, as the war in the Middle East risks an energy supply crunch.
Shipping data reviewed by Platts suggested that around eight crude cargoes from the US Gulf Coast could be delivered to China, with most likely consisting of light sweet crude, such as WTI Midland.
The move comes as NYMEX front-month crude surged $20.34 to $111.24 per barrel on March 8 amid disruptions to energy infrastructure caused by the war in the Middle East.
