11 August 2025: 09:30 BST
Saudi allocations for September loadings for China are in, folks, and as expected, they’re down hard. The volumes requested and located are down to 43 million bbls for Sept versus 51 million bbls in August. Customers front-loaded the August loading bbls, as the numbers suggested back then that forward OSPs for September would be higher. And now the forward OSPs for October will be lower than September, and hence, under requesting makes sense. They were more than happy to load up on August barrels, to the tune of 51 million (the biggest allocation we’ve seen since we started reporting). But for September, China will only lift 43 million barrels. Key reductions were seen for Unipec (-6 mil bbl m/m), Fujian (-2 mil bbl m/m), PetroChina (-1 mil bbl m/m), and Shenghong (-1 mil bbl m/m). CNOOC got a minor uplift of 2 mil bbls.
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