- Saudi Arabia Exports More Oil to China in October
Saudi Arabia exported more crude oil to China in the month of October, data from China’s General Administration of Customs shows.
The world’s largest exporter of crude oil saw its crude oil export to China surged by 76 percent year-on-year in October to 1.98 million barrels per day. This was attributed to the increase in demand and the U.S. sanctions on Iran and Venezuela.
U.S sanctions on Iran and Venezuela have reduced global oil supplies but weak global demand continues to weigh on oil outlook.
OPEC+ cuts its demand for 2020 and promised to extend production cut when the 14 members of the cartel meet next month.
Still, the uncertainty surrounding the global oil market remains, especially with the trade war agreement not reached.
In September, China had imported 1.12 million barrels in October of 2018 but 1.74 mbpd was imported in September 2019 when the Kingdom was attacked by drones.
The data shows China increased its crude import from Saudi by 11.5 percent in October when compared to 1.74mbpd imported in September.
Saudi Arabia continues to work hard to increase oil output despite the September setback.
China is importing almost the same volume of crude oil produced per day by in Nigeria.
