Oman’s crude exports to China collapsed last month to a record low of 63,000 b/d, Kpler data shows. Prices for May loadings were set in March, making last month’s cargoes the first to be affected by the spike in crude prices following the closure of the Strait of Hormuz. Chinese buyers refrained from entering into a bidding contest for Omani crude, most of which is sold freely through the Gulf Mercantile Exchange (GME).
The loss of substantial crude imports from Gulf suppliers, including Saudi Arabia, the UAE and Iraq, has not triggered a visible response from China, the world’s largest oil importer. (CONTINUED - 750 WORDS)
