09 January 2025: 08:30 GMT
Saudi allocations to Asia are out! No major surprises other than volumes declining but only moderately. Crude allocations to Chinese refiners fell to 43.5 mil bbls for February delivery, down from 46 mil bbls in January. That’s still far above the 36.5 mil bbls they assigned to China for December, as the Saudis fight for market share. Rongsheng retained top spot, being assigned 16 mil bbls, while Unipec got a 2.5 mil bbls bump from January to reach 10.5 mil bbls. The month’s losers were Shandong and CNOOC, which both didn’t get a drop, having received 2 mil bbls in the prior allocation. CNOOC’s had a rough couple of days, what with the US designating it a company that supports the Chinese military and slapping sanctions all over its shipping.
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