Saudi Arabia has been waiting for nine consecutive months as the world’s largest supplier of crude oil to China, with crude oil exports rising by 53 percent annually, according to Reuters.
Not only did the major oil producers of the OPEC + ease their losses, but Saudi Arabia once again beat Russia to the top of the list as China significantly reduced its oil import quota in the third quarter. Russian ESPO raw mixes are generally known as those filters (typically tea houses).
Last month, China’s crude oil production rose by 53 percent compared to Saudi Arabia in August 2020, according to Reuters.
Russia remains China’s second largest supplier of crude oil. Its loads also increased, but only 12.6 percent per year to 1.59 million bpd in August. Compared to Russia’s 1.56 million bpd shipments last month, the volume from Russia has not changed much.
A.D. In 2020, Saudi Arabia narrowly beat Russia to become the world’s largest oil supplier.
For most of last year, Saudi Arabia and its key partner in the OPEC + deal met Russia, the world’s largest supplier of crude oil.
Over the past few weeks, Chinese refineries have begun to increase imports of crude oil after months of stagnation in offshore oil purchases. One of the reasons for the recent slowdown in VV-19 was the slowdown in Chinese oil market purchases. Another government was cracking down on independent filters, and there was a shortage of quota imports.
By Tsvetana Paraskova for Oilprice.com
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