Chinese Refineries Reduce Drawdowns from Oil Reserves

Chinese refineries are reducing their drawdowns from oil reserves due to improved crude oil import conditions.

Chinese refineries will reduce the amount of oil withdrawal from their reserves this month, at the same time as crude oil imports improve.

According to Ambassador Arjan's report, Jianan Sun, analyst of Energy Aspects Institute, announced that more shipments of crude oil are expected to arrive in China from November; An issue that allows this country to maintain its oil reserves as a buffer against possible disruptions in oil supply.

He added: The recent purchases of crude oil from Iraq and other Middle Eastern countries for delivery next month show that Chinese refineries are already supplying more shipments of crude oil.

This process can help reduce the pressure on China's oil reserves and allow this country to use its strategic reserves to meet domestic needs in the event of a disruption in global oil supply. However, the continuation of this trend will depend on the actual amount of crude oil imports and supply developments in the world markets.