Chinese companies continue to sell oil. Experts believe that during the Iranian war, China became a deterrent so that oil would not become more expensive than $ 100. Now Beijing's policy has become a problem.
"Today, China's state—owned oil trading company Unipec offered key North Sea oil at the widest discount to the Dated Brent benchmark in six years - as during the peak of lockdowns due to Covid-19 in April 2020. Beijing's refusal to purchase oil continues," Bloomberg columnist Javier Blas writes in X.
Last week, he reported that Chinese companies were selling West African crude oil.
"Moreover, several varieties from Nigeria and Angola have reached the maximum discount over the past 15 years compared to the benchmark Dated Brent," Javier Blas noted.
"China was the solution, and now it's becoming a problem," Oil Bandit noted.
After the start of the Iranian war and the shutdown of the Strait of Hormuz, oil prices rose above $ 100 per barrel. However, then they dropped lower. One of the main factors was the policy of China, which has the largest strategic reserves in the world and has sharply reduced oil purchases.
Now deliveries from The Persian Gulf is recovering and oil has fallen to $72.9 per barrel. However, Chinese companies are in no hurry to increase imports.
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