OIL: No Major Uptick in Chinese Imports So Far in September

Chinese oil imports so far in September are running at just under 7m b/d, according to Vortexa data cited 's Javier Blas. * That's lower than the average rate for July and August of around 7.3m b/d and comes despite talk in the market of an uptick in China's purchases. * Blas notes that China is keeping buying low, but the Iran war has forced it to change the composition of its imports. * China is buying more from the open market with Iranian crude flows inhibited by the US blockade. * Month-to-date China has imported just 80k bbl of Iranian crude, Vortexa data shows; typically China bought around 1m-1.5m b/d from Iran. * To fill the gap, China has bought more crude from Iraq, the UAE, Brazil and Canada. * Meanwhile, Goldman analysts said in a note that they expect China's crude imports to stay low in the coming months if prices remain elevated. * The share of Russian and Iranian crude in China's imports shrunk from around 50% in August to less than 33% in September, increasing competition for openly traded crude and supporting Brent and WTI prices, the analysts said. Finance L.P.