Four major Chinese energy groups, PetroChina, Sinochem Group, Unipec, and Rongsheng Petrochemical, purchased approximately 10 million barrels of Saudi crude through an unusual spot tender for prompt-loading cargoes. This operation comes as Saudi crude shipments to China sit near record lows, weighed down by geopolitical tensions linked to the US-Israeli-Iranian conflict. July loadings were projected at a record low of around 12 million barrels, approximately 387,000 barrels per day. Riyadh offered deeper discounts to keep volumes flowing to its biggest Asian customer, prioritizing market share over price amid competition from Russian, Iraqi, and Iranian barrels.
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