China’s Oil Buying Spree a Boost for Global Demand Outlook

(Bloomberg) — China ramped up its oil purchases as an expected recovery in the nation’s crude consumption gathers pace following the end of the strict “zero-Covid” policy, boosting optimism in the outlook for global demand.

The buying has been led by Unipec, the trading arm of refining giant Sinopec, which snapped up about 10 million barrels from the United Arab Emirates for loading in April, according to traders who buy and sell those shipments. The company has also taken long-haul cargoes from West Africa, they said.