Chinese independent refiners are purchasing crude oil from the Middle East and Africa due to limited and costly Iranian oil supplies caused by expanding U.S. sanctions.
A major processor has reportedly acquired around 10 million barrels from Abu Dhabi and Qatar to alleviate a backlog of unsold crude. These cargoes are scheduled for loading in December and January.
The shift in sourcing reflects the challenges in accessing Iranian oil, leading refiners to seek alternatives to meet their operational needs.