Saturday, 2 March 2024

Saudi oil exports to China declined by 2.5% in October

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Data showed today, Monday, that total shipments from Saudi Arabia to China recorded 6.64 million tons, or 1.56 million barrels per day, shrinking 16.2% compared to the previous year.

According to Reuters, China’s imports of Saudi crude also fell over the past two months, with October levels falling by 2.5% compared to September.

Saudi Arabia again raised its official selling prices for Asian customers in October, continuing an upward pricing pattern that has been in effect since June. This prompted Chinese refineries to order fewer supplies and search for less expensive alternatives from the spot market

Riyadh will continue to unilaterally reduce production by one million barrels per day until the end of the year, and Moscow has also pledged to extend the reduction in exports by 300,000 barrels per day until the end of the year.

Russia remains the largest oil supplier to China in October despite the rise in Russian crude oil prices as Saudi Arabia continues to reduce supplies.

Data issued by the General Administration of Customs in China stated that China’s total imports from Russia, including supplies via pipelines and sea shipments, amounted to 8.54 million metric tons, or 2.01 million barrels per day, last month.

But Russian shipments continued the downward trend recorded in the previous month, declining by 5.6% compared to the September level of 2.13 million barrels per day.

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