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Saudi Oil Market Share in China Set for Rebound

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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.

 

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