China's private refiners snap up Middle East oil as prices slide

financeJul 2, 202646185

China’s independent refiners are increasing spot purchases of cheaper Middle Eastern crude as flows through the Strait of Hormuz accelerated. Traders said Rongsheng Petrochemical bought Saudi crude for July arrival, Shandong Chambroad Petrochemicals purchased Iraq’s Basrah grade for August, and Shenghong Petrochemical acquired Upper Zakum from the United Arab Emirates. The buying spree reflects private processors snapping up barrels while global oil prices have slid. Traders described the activity as opportunistic purchases tied to the restored or accelerated shipments through the Hormuz corridor.

The Analyst

@militaryanalyst.bsky.social

OIL PRICES PLUMMET AND RUSSIAS REALITY WORSENS The price of crude oil for delivery in three months is crumbling and the reality for Russia is incredibly harsh. With caps and forced discounts the reported crude price for Urals oil is down to $45 a barrel. Russia thought the Iran war would bring huge

884h ago

Matt Novak

@paleofuture.bsky.social

“America has never been stronger than it is now, and Gas Prices will soon be back to the Record Low Prices Americans enjoyed at the pump before our very successful ‘excursion’ in Iran.”

Trump: Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, but not as fast as they should be. As we approach America's 250th Birthday, I am pleased to announce that a VERY smart Retailer, located throughout the Northeast, is stepping up, and wishing the People of Philadelphia a "Happy Birthday!" On July 3rd, the Freedom Fuel Network will be lowering gas prices at 25
"FREEDOM FUEL" Stations across the Greater Philadelphia Area. This Retailer is taking the lead, and others should follow. They are doing this because they love the U.S.A. We are proud to celebrate America's 250th Birthday in the Great Commonwealth of Pennsylvania, the Birthplace of our very special, one-of-a-kind Declaration of Independence, and where I won BIG in the Presidential Election! America has never been stronger than it is now, and Gas Prices will soon be back to the Record Low Prices Americans enjoyed at the pump before our very successful
"excursion" in Iran. Happy Birthday America!
President DONALD J. TRUMP

4210h ago

Christopher Reader2

So bizarre that he heard incursion as excursion and he's sticking with it.

🌍 J.Sharp 🇺🇦 Freedom🔸Democracy🔹Justice 🇪🇺1

Was the success to boost the oil price for US shale extractors (and hence their profits) and damage global suppliers to force natìons into US compliance? Seems that way.

BlueMonkeyBoy1

"'Cause we got a great big convoy Rockin' through the night. Yeah, we got a great big convoy, Ain't she a beautiful sight? Come on and join our convoy Ain't nothin' gonna get in our way. We gonna roll this truckin' convoy 'Cross the U-S-A. Convoy! Ah, you wanna give me a 10-9 on that, Pig Pen?"

Mister Sterling1

He knows the Senate is flipping

Quoting this

hammancheez11

25 whole gas stations are offering a discount for a weekend lmao

leoskyview.bsky.social

@leoskyview.bsky.social

I previously estimated that the Iran war was worth 300-400bn rub/month to Russia. If oil prices are truly down this much, then they should be back to the prewar trajectory. Taxes will be affected from August onwards.

2013h ago

Jenny Yeremiy, P. Geoph 🪶🌿🇵🇸🇳🇬🇱🇧🇨🇦

@jennyyeremiy.bsky.social

“Crude prices collapsed by almost 30% last quarter — wiping out all of the gains from the conflict — as the US & Iran struck an interim peace deal”. 🙋‍♀️ Was this illegal & unconstitutional war simply a ploy to up oil demand & price? financialpost.com/pmn/business... www.reuters.com/markets/comm...

From June 30 the Financial Report admits that the increase in oil prices was a result of the illegal and unconstitutional war against Iran.

Title: Goldman Flags Oil Surplus Even as Nations Rebuild Stockpiles
June 30, 2026

413h ago

Eric Rawlins

@erawlins.bsky.social

Ristiriitaiset ovat talouden viestit: maailmalla ennakoidaan Hormuzin sotkun vasta alkavan vaikuttaa, meillä kasvua; "Johns Hopkins economist Steve Hanke warned the US is heading toward an economic catastrophe unless the Strait of Hormuz reopens and oil prices retreat from their war-driven highs."

56h ago

Phlip - work needed So Cal 𓀠

@penbird42.bsky.social

Trump cannot order Big Oil to give gas away for free to save his ass. also, high gas prices do not "cause inflation" Trump is too stupid to understand that, like Netanyahu and Putin, he is now in bunker mode with no options. His handlers can't think of anything anyway either

210h ago

Paul Hikari

@paulhikari.bsky.social

And the only reason gas prices are falling is because the oil's coming from the strategic fuel reserve--which, I might add, is currently at its lowest level since 1983. ground.news/article/oil-...

413h ago

Daedalus

@daedalus-17.bsky.social

They really didnt get much from those temporary spikes of oil prices caused by war in Iran. And now considering how many refineries were hit again, oil depots, pumps and all other infra... I really wonder what are debts of three largest oil producers in russia.

414h ago

NationCymru

@nation.cymru

Diesel prices have fallen by the largest monthly amount in more than a quarter of a century after the cost of oil plummeted as the Iran crisis eased, new figures show

14h ago

GuyRidesBikes

@guyonabike.bsky.social

Don't think the oil companies didn't collude to get trump elected either, keep prices high when Biden was president, drop them when trump got elected, and take a hit on their margins to keep prices reasonable during the war no one wanted. Its billionaires working on behalf of billionaires.

113h ago

Sense Hofstede

@sensehofstede.nl

Bloomberg: China’s independent refiners are taking advantage of cheaper Middle Eastern oil after flows accelerated through the Strait of Hormuz, snapping up barrels from producers including Saudi Arabia and Iraq

23h ago

MarketWire 📡

@marketwire.bsky.social

🛢️ #Oil "Palm oil edged lower, weighed down by declining crude prices and expectations for strong output from the second-biggest grower, Malaysia."

4h ago

usagreatalready.bsky.social

@usagreatalready.bsky.social

The Strait of Hormuz appears “closed” now for at least a week-plus that I can see. Minimal to no oil tankers passing thru. Why is Trump covering this up? Why is the media not questioning this? How are gas prices not skyrocketing like it had in past closures? Questions? Manipulating?

27h ago

Alethekanon

@judgement-bot.bsky.social

Travelers face a $400 sting as airline fuel surcharges hit record highs despite falling oil prices. Evidence: Transparency, Lagging Data, Cost #Travel #Japan 🌐

Alethekanon Psochic Hegemony Assessment Graph for Why Japanese airlines' $400 fuel surcharges are hitting now

28h ago

Capitalist Oppressor

@capopp.bsky.social

China continues to manipulate oil markets to keep global prices low. Seems certain they’re drawing down their inventories to do this.

16h ago

2 sources

bloomberg.comChina’s Private Refiners Snap Up Middle East Oil as Prices Slide theboard.worldOil Below $60: What the Crude Price Collapse Signals for

China's private refiners snap up Middle East oil as prices slidefinance

China's private refiners snap up Middle East oil as prices slide

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