Chinese refiners rush to buy Middle East crude as stocks fall, Kpler says

Chinese refiners rush to buy Middle East crude as stocks fall, Kpler says Chinese refiners are stepping up purchases of Middle Eastern crude as record inventory drawdowns and a recovery in refinery activity boost demand for prompt cargoes, according to analytics firm Kpler. Chinese buyers have secured at least 80 million barrels of Saudi crude since mid-September, Kpler said on X. China’s onshore crude inventories fell by about 1.6 million barrels per day in September, the fastest pace on record. Refinery throughput is projected to reach 14.2 million barrels per day by December, adding to…