Oil Backlog Off China Limits Prospects For New Shipments

A backlog of crude cargoes has built up off the coast of China, limiting prospects for new shipments to the world’s largest oil importer, trading and shipping sources said. The amount of oil floating in tankers off China has risen partly due to tax changes and an anti-pollution drive that have depressed oil demand from small, independent refiners, known as “teapots.” Maintenance has curtailed run rates at others. This has combined with aggressive selling, particularly from West Africa, that pushed vessels to the region even when early warning signs showed crude demand could falter.
Source: Daily Dose of ShaleDirectories.com News

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