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China no longer interested in expensive Saudi oil: Report

Press TV – August 31, 2020

China has significantly reduced its imports of crude oil from Saudi Arabia in recent months, shows a report, adding that the Saudis are no longer among the top suppliers of crude to China.

The analytic report published by Oilprice shows that Chinese buyers of oil, including state-oil companies and independent refiners, imported a total 1.26 million barrels per day (bpd) of oil from Saudi Arabia in July, a record low that have come mainly as a result of high benchmark prices set by Persian Gulf Arab producers for orders placed in April.

For two years, Saudi Arabia has been either the number-one or number-two oil supplier to China, the world’s top oil importer.

However, a slump in global oil prices that began in March and continued into April, mainly a result of a price war between Saudi Arabia and Russia and the subsequent decline in demand for oil because of the coronavirus pandemic, pushed many Chinese buyers to look for ultra-cheap oil.

That caused imports into China from America to surge at the expense of Saudi Arabia. In fact, imports from the United States and Brazil increased in July, showing that Chinese preferred supplies that took almost 45 days to reach the country from America over the cargoes on the shorter route between the Middle East and China.

The report predicted that Saudis would have to wait for months to be able to capture their previous share of the Chinese market. It cited economic data as showing that supply of crude from the US and Brazil into China would continue to be strong in August and even in September as the Chinese buyers have continued to be price-conscious earlier this month when they chartered tankers for future deliveries.

August 31, 2020 - Posted by | Economics | , ,

3 Comments »

  1. China is exercising its economic muscle, just as the USA exercises its “power of sanction”. Two can play this game of bullying.

    Liked by 1 person

    Comment by brianharryaustralia | August 31, 2020 | Reply

  2. Interesting! Let me get this clear: China is importing US oil, bolstering the US economy…despite Bully Trump’s bluster, belligerence, and buffoonery…? Does the pus*y grabber have no shame or gratitude, even vis-a-vis those whose pus*ies he grabs while satisfying his egomaniacal and “deal-making” lusts? Maybe Stormy Daniels could attempt to explain the intricacies of economics, sexual games, white supremacy, national exceptionalism aka MAGA, etc., to me — within strict “social distancing” protocols, of course.

    As for the Saudis, UAE et al, eff ’em for their dalliance with the Devil Zionism and betrayal of the Palestinians while nudging the US, “against its better judgment,” toward war on Iran….

    Thanks to Press TV and Aletho News!

    (Among my many confusions: Why isn’t China increasing/maximizing its import of crude from Russia?)

    Liked by 1 person

    Comment by roberthstiver | August 31, 2020 | Reply

    • “Why isn’t China increasing/maximising its imports of crude from Russia”…..or, Iran…..?

      Liked by 1 person

      Comment by brianharryaustralia | August 31, 2020 | Reply


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