China Boosts Oil Purchases Amid Asian Demand Surge

China has increased its oil purchases from Africa and the Americas, marking a recovery in imports after a 10-year low in June. The higher demand from Asian buyers has also driven up prices for oil from Canada, Brazil, and Argentina.

Congolese Djeno crude is being offered at a premium of $20 per barrel to ICE Brent quotations, according to anonymous traders cited by Bloomberg. This is an increase from the previous two-week premium of $15 per barrel.

Asian refineries, including those in China, Japan, and South Korea, have turned to buying oil from Argentina's Medanito grade, which has characteristics similar to U.S. West Texas Intermediate crude.

China's oil imports in August were approximately 7.3 million barrels per day, still below the pre-war level of 11-12 million barrels per day. Beijing has eased restrictions on fuel exports, and refineries are replenishing inventories while taking advantage of acceptable refining margins.