China’s two largest state-backed oil traders are demonstrating their growing clout in the Middle East, dominating dealing this month in the key crude contracts that help set prices for the region.
Chinaoil, the trading arm of state-run China National Petroleum Corp, has bought 45 cargoes of Oman and Abu Dhabi crude in April, snapping up 22.5m barrels or the equivalent of a quarter of the world’s daily crude oil demand.
The scale and scope of the Middle East oil purchases are notable as they took place in public trading windows that help determine the region’s benchmark prices, unlike the majority of China’s oil deals.
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