Saudi Oil Market Share in China Set for Rebound

📆 2024-07-09 3:52 AM
📰 OilandEnergy

⏱ Reading Time:
24 sec. here
11 min. at publisher
📊 Quality Score:
News: 44%
Publisher: 68%

Saudi Arabia News

China,Crude Oil,Imports

China's imports of Saudi Arabian crude oil are expected to rebound in August after declining for four months, potentially due to lower Saudi oil prices.

The market share of Saudi Arabian crude in China is set to rebound next month, according to unnamed trade sources cited by Reuters earlier today. Saudi crude oil exports to China have been on the decline for four consecutive months, the report noted, adding some traders expected this to change in August, with imports from the kingdom rising for the first time since May.

96 million tons to Chinese buyers last year, which was a 2% decline on 2022. The kingdom remains the biggest oil supplier to Asia as a whole. The news about a Chinese Saudi oil import rebound comes soon after another report that saw Saudi oil exports in total falling to the lowest in ten months in June amid higher domestic consumption during peak demand season and continued strong Russian shipments to Asian clients the country shares with its OPEC partner.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China's Factory Slowdown Raises Questions for Global Oil MarketChina's factory activity showed signs of slowing down, but strong exports and global oil demand may offset this.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Brazil's Oil Surge Set to Challenge OPEC's Market StrategyThe rebound in Brazil's crude oil and liquids production is set to frustrate the market management policies of the OPEC group
Source: OilandEnergy - 🏆 34. / 68 Read more »