Chinese crude oil imports rose for a second straight month in August, as cargoes from the Persian Gulf crept higher and refiners increased purchases from other sources, according toanalysis of data from LSEG and Bloomberg.
Importers shipped in 37.9 million tons last month, 6.2% more than the 35.7 million tons recorded in July, according to Bloomberg, citing data released on Tuesday by the General Administration of Customs of China.
Flows to the world's biggest buyer are gradually recovering after initially being crippled by the war in Iran. Russian crude, in particular, has found favor, with refiners looking to bypass the contested Strait of Hormuz.
"A rebound in purchases in recent weeks has seen the premium for crude oil from West Africa, Canada and Latin America rise as high as $20/bbl over Brent as Chinese buyers look for alternative sources to feed its refineries," ANZ analysts said.
Multiple energy sector facilities in Saudi Arabia's southern region were targeted on Tuesday, resulting in fires at multiple locations and a temporary suspension of select operations, the Saudi Press Agency reported, citing an official source at the Ministry of Energy.
"The ongoing constraints on supply come amid signs of rising demand from China, the world's largest importer," the analysts added.