On January 14, 2025, China's state-owned oil companies and major private refiners intensified their crude oil purchases in response to potential supply disruptions. This surge in demand is driven by tightening sanctions on Russia and Iran that could impact crude flows.
Companies such as Cnooc, Shandong Yulong Petrochemical Co, and Jiangsu Eastern Shenghong Co are reportedly making urgent inquiries for immediate crude deliveries. Traders noted that various grades of crude from the Middle East, Africa, and the Americas are being considered, with particular emphasis on cargoes scheduled for February.