finance
Chinese Oil Companies Offer Crude in Global Tenders Over Recent Weeks
Chinese oil companies have sold barrels to several nations in tenders, acting as aggressive sellers amid global market shifts. Mercuria CEO Marco Dunand highlighted this trend at a summit, linking it to factors like Iranian oil sales and inventory releases. Current oil prices rose, with WTI Crude at 92.90 and Brent Crude at 101.6.
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Chinese oil companies have been aggressive sellers in global crude tenders over the past two to three weeks, according to Mercuria CEO Marco Dunand. Speaking at the FT Commodities Global Summit in Lausanne on Tuesday, Dunand stated that these companies have sold barrels to several nations in tenders during this period. China has accumulated 1.5 billion barrels in its strategic petroleum reserve.
Analysts suggest possible factors for the sales include inventory management and shifts in domestic demand due to EV growth. Mercuria sees Chinese gasoline demand falling by 1 million barrels a day this year as a result of electric-vehicle adoption. Dunand said the Chinese oil selling could last for about another three weeks.
Current oil prices showed gains as of 2026-04-22.
