XLE & Oil

China’s Refiners Turn to Africa and Brazil Crude as Freight Rates Ease

OilPrice.com·Oct 28, 2026 · 9:30 AM CT
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Readthrough summary

Chinese refiners are buying West African and Brazilian crude at premiums of up to $20 a barrel over Brent for December delivery as freight rates ease from record highs. Shipping a cargo from the U.S. Gulf Coast to China hit as much as $80 million earlier this month, about ten times the pre-war norm.

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