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MidEast crude producers turn down additional demand from China

Electricity, Oil

Saudi Arabia, Kuwait and the UAE are turning down Chinese requests for extra oil as they hold back crude for their domestic needs, reports Reuters, citing trading sources. Saudi Arabia has turned down requests for extra crude for May and June loadings, forcing Chinese buyers to seek supplies from other sources such as West Africa, Oman and Russia. A rise in refining capacity in Saudi and the UAE has boosted their domestic needs while the region is entering its peak burning season in which it uses more crude to generate power for air conditioning.