Energy and oilUpdated November 4

China buys more Saudi and Iraqi crude.

Relatively low Gulf crude prices are making Saudi and Iraqi oil attractive to Chinese buyers, while demand for refined fuels—especially gasoline and diesel—remains strong. Chinese refineries have another reason to keep crude coming in: they are trying to produce more fuel for export as global fuel prices rise, despite weak refining margins. New export quotas could add to that pull. Vortexa estimates they may lift crude demand by around 1 million barrels a day in November and December, Bloomberg reported. That is a forecast, not an import figure. Aramco's chief executive said China's total crude imports reached about 9.3 million barrels a day in October, up 1.4 million from September. Total imports were already higher; the quota-driven demand may still be ahead.

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Coverage started November 4