Congo Crude Hits $20 Premium as China Restocks From Africa
Djeno grade trades at highest spread to Brent in two weeks as Asian refiners substitute for Middle East barrels.
Congo Crude Premium Widens to $20 Over Brent#
Djeno crude from Congo is being offered at a premium of $20 per barrel over ICE Brent as of 7 September 2026, up from a $15 per barrel premium two weeks earlier, according to traders cited by Bloomberg. The grade is one of several African and American crudes seeing price increases as Chinese oil import demand recovers from a decade-low level recorded in June.
Chinese crude oil imports are estimated at approximately 7.3 million barrels per day in August 2026, according to OilPrice.com. That figure remains well below the pre-war levels of 11 to 12 million bpd but represents a rebound from the June trough. Beijing eased fuel export restrictions in recent weeks, prompting refiners to restock and capture refining margins.
African and American Grades Draw Asian Demand#
Refiners in Asia, including China, Japan and South Korea, have purchased crude from Canada, Brazil and Argentina to offset supply losses from the Middle East, where Persian Gulf supplies remain constrained. At least one cargo of Argentina's Medanito crude, comparable to West Texas Intermediate, loaded in August 2026, traders told Bloomberg.
China is boosting imports of African and American grades as well as ESPO blend from Russia. Iranian crude supply has dried up following the re-imposed US blockade on Iran's oil exports. China had amassed an estimated 1.4 billion barrels of crude in commercial and strategic storage before the conflict began, allowing it to remain selective in purchases amid volatile prices.
Independent Refiners Face Margin Pressure#
Small independent refiners in China, which had relied on low-cost Iranian and Venezuelan crude, are among the most affected by the supply shift. Iranian barrels are no longer flowing out of the Persian Gulf, while Venezuelan crude prices have risen. The independent refiners now face higher feedstock costs as they compete for alternative supplies in a tighter market.
Sources2 sources across 2 domains
- bloomberg.comBloombergDjeno crude premium at $20/bbl over Brent as of 7 September 2026, up from $15 two weeks prior; Persian Gulf supplies constrained; Iranian exports dried up due to US blockade
- oilprice.comOilPrice.comChinese crude imports estimated at 7.3 million bpd in August 2026, down from pre-war 11-12 million bpd; China amassed 1.4 billion barrels in storage before conflict; Argentina Medanito cargo loaded in August; small independent refiners affected by loss of Iranian supply
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