Will Cunliffe
Research Analyst, The Officials
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One for the record book!
Massive Saudi allocations to China as oil flat price and OSPs are super cheap!
Massive Saudi allocations to China as oil flat price and OSPs are super cheap!
Massive allocations! 61 mil bbl allocated by the Saudis to China for March loading, helped by the lowest Arab Light OSP since December 2020. 50% more crude than March 2025 and up 12 mil bbl from February loadings is a massive y/y and m/m jump. Chinese are thirsty and prices are low, so what the heck! China is ravenous and filling up that SPR isn’t going to fill itself, as sources suggest its tanks have a lot of space, with current stocks said to be just 60-70% of capacity. Nobody knows the exact numbers, but the fact is China is building additional storage north of 150 mil bbls for 2026 and will continue buying! The Chinese buying has countered the volume war going on between the UAE and Saudi Arabia in particular. So the market does not sink but it also does not go up. Goldilocks!
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