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Friday, 28 October 2016

Saudis, Mideast producers vie for China's teapot crude imports | Reuters

Saudis, Mideast producers vie for China's teapot crude imports | Reuters:

"Top global oil exporter Saudi Arabia is looking at new ways to sell crude to China, offering more cargoes at spot prices and more lenient payment terms after losing ground in the world's fastest-growing oil import market to Angola, Russia and others.

Independent refiners, known as teapots, have shaken up China's oil industry this year, accounting for most of its crude import growth since receiving import licenses for the first time near the end of 2015.

Most of this new demand is for high quality low-sulfur crude from non-OPEC producers, or for high-sulfur grades that sell at heavy discounts to Saudi prices, making it tough for state-owned Saudi Aramco to maintain market share."



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