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FinancialNews


  • 22-11-21

    Saudi maintains rank as top crude provider to China

    (MENAFN) According to customs data published on Sunday, Saudi Arabia maintained its rank as the largest provider of crude oil to China for eleven consecutive months in October, with volumes increasing up to 19.5 percent compared to last year.

    Based on data from the General Administration of Customs, Saudi oil inflows amounted to 7.1 million tons, or 1.67 million barrels per day (bpd), which is 19.5 percent more than 1.4 million bpd a year, in comparison to 1.94 million bpd in the month of September.

    Inflows from Russia, involving pipeline oil, increased by 1.3 percent from last year to reach 6.6 million tons the previous month, or 1.56 million barrels per day (bpd). Versus 1.49 million bpd in September.

    The rise in Russian supplies, mainly of its flagship oil ESPO blend, came after China's launch of new import quotas in August and October that permitted independent factories to increase acquisitions of one of their favorite grades.

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