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Saudi crude oil supply to China to rebound in August, regain market share

Wednesday, 10 July 2024 | 12:00

Saudi crude oil exports to China will rebound in August to at least 44 million barrels after deep price cuts by state energy firm Saudi Aramco supported demand, several trade sources said.

August exports to China will rise for the first time in four months, from about 36 million barrels in July, the sources said.
The rebound will help the biggest oil exporter regain its share in the largest import market.

Saudi exports to China tumbled in June to 1.12 million barrels per day, the lowest since March 2020, showed data from analytics firm Kpler.

Chinese buyers of Saudi oil include Zhejiang Petrochemical, Sinopec, Sinochem and PetroChina.

Separately, Saudi Aramco will supply full contractual volume to at least three other North Asian refiners in August, the sources said.

The allocation comes just days after Saudi Aramco cut prices for August-loading crude to Asia for a second month, with its flagship Arab Light crude price at its lowest since March.

One of the sources said August official selling prices (OSPs) for Saudi crude were more reasonable than in previous months when Saudi term supply was priced higher than other grades sold on the spot market.
Source: Reuters (Reporting by Florence Tan; Editing by Christian Schmollinger and Christopher Cushing)

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