Saudi Arabia reduced its crude oil exports to China in July

Saudi Arabia reduced its crude oil exports to China in July

Saudi Arabia’s crude oil exports to China fell in July, falling out of the top two crude oil suppliers for the first time in two years, after Saudi Arabia’s historical production cuts to cope with the plunge in fuel demand and prices caused by the new crown epidemic.

Data released by the General Administration of Customs on Tuesday showed that Saudi Arabia exported 5.36 million tons of crude oil to China in July, equivalent to 1.26 million barrels per day. It was 8.88 million tons in June and 6.99 million tons in July last year.

In July, Russia was China’s largest crude oil supplier, exporting 7.38 million tons of crude oil to China, or 1.74 million barrels per day. Iraq ranked second, exporting 5.79 million tons of crude oil to China.

Imports of crude oil from the United States jumped by 139% year-on-year to 3.7 million tons. After the benchmark crude oil futures price turned negative in April, China bought bargain-hunting and increased its purchases of US crude oil.

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