China’s August oil throughput rises as fuel exports rebound amid Iran conflict

China’s oil throughput saw a notable increase in August, driven by a rebound in fuel exports against the backdrop of ongoing conflict in Iran. The resurgence in fuel exports indicates a heightened demand for oil, suggesting potential supply constraints as geopolitical tensions persist in the Middle East. This development comes as major oil producers and market observers closely monitor the situation, which could impact global oil supply and pricing dynamics. Market participants appear to interpret the rise in China’s oil throughput as consistent with scenarios where crude oil might approach new all-time highs. Currently, the market pricing for crude oil reaching a new all-time high by September 30 remains low, with a 1.9% likelihood. However, the odds for such an event by December 31 have seen a significant increase, currently standing at 16.5%, suggesting that participants consider a longer timeframe for potential escalation of prices. The situation remains fluid as key figures in the energy sector, including OPEC’s Secretary General Mohammad Sanusi Barkindo, the IEA’s Executive Director Fatih Birol, and Saudi Energy Minister Abdulaziz bin Salman Al Saud, continue to assess the im...