China's imports of Saudi oil hit a record high in November
Economy News - Baghdad
China's imports of crude oil from Saudi Arabia, its largest supplier, reached a record high in November, and increased by more than 25 percent compared to a year ago, recovering from the impact of the attack on two important Saudi oil facilities with drones and missiles in September.
Shipments from Saudi Arabia reached 8.21 million tons or two million barrels per day last month, compared with the highest level ever of 1.98 million barrels per day in October and 1.6 million barrels per day in November 2018, data from the General Administration of Customs showed on Wednesday.
The attack on the two important oil processing facilities in Saudi Arabia on September 14th resulted in a temporary halving of the kingdom's oil production, forcing the state-run Aramco to withdraw from stocks and switch grades of crude to maintain supplies to customers.
Imports from Russia, China's second largest supplier, rose 16.64 percent in November from a year earlier to 7.64 million tons, equivalent to 1.86 million bpd.
According to Refinitiv Oil Research, nearly all supplies from Iran shipped on ships operated by the National Iranian Oil Tankers Company entered government inventory.