The energy data analytics company Kepler said China’s refineries have increased their purchases of crude oil from the Middle East, and that Chinese buyers have bought at least 80 million barrels of Saudi Arabian crude oil since mid-September.

According to Kepler’s report, the unprecedented decline in China’s oil inventories and the increase in refinery activity in the country have raised demand for crude oil with immediate delivery.

The company added that a rise in China’s demand could prevent further falls in the price of Dubai crude, one of the main benchmarks for pricing Middle East oil.

Kepler also said that intensifying regional tensions continue to pose a risk of disruptions to oil supply.

Hashtags: ["Iran International"]