September 08, 2026 [Oil Price]- Crude oil prices from Canada, South America, and Africa have surged as China’s oil imports rebound from a decade-low, driven by increased demand and ongoing Middle East supply disruptions. The Djeno crude from Congo is now priced at a $20 per barrel premium over ICE Brent, up from $15 two weeks prior. China is particularly boosting imports of African and American grades due to a decrease in Iranian crude supply following U.S. sanctions. In August, China’s crude imports were approximately 7.3 million barrels per day, still below pre-war levels of 11-12 million bpd.

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