China's Teapot Refiners Boost Iranian Oil Buying Amid Low Stockpiles

China's independent "teapot" refiners are poised to ramp up Iranian crude oil buying, driven by critically low stockpiles in Shandong, which saw the largest monthly draw in a decade. These refiners had previously limited purchases and drawn on reserves during the six-month Middle East conflict amidst spiking international crude prices. This increased demand for Iranian oil could exert upward pressure on global crude prices. Higher crude oil prices could contribute to inflationary pressures and potentially impact Pakistan's import bill, influencing USD/PKR and gold prices.

بحوالہ / Source: oilprice.com