China Scores Cheap Oil 14,000 Miles Away as Glut Deepens
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China is finding oil supplies 14,000 miles away, aided by the global rout in prices that’s left producers vying for new markets.
PetroChina Co. said it bought Colombian crude for a northern refinery for the first time because it was good value. The transaction underscores how the world’s second-biggest oil consumer is benefiting as producers from the Middle East to Latin America vie for customers in Asia.