Saudi Arabia is losing its share in the Chinese oil market to Iraq and Russia
09:47 - 05/16/2020
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Information / translation ...
The US Bloomberg Agency suggested that Saudi Arabia would increase its share of the Chinese oil market in favor of Russia and Iraq, despite the analysts' saying that the Kingdom's shipments to the largest economy in Asia have recovered in May.
The agency said in a report, translated into / information / that "Saudi oil exports to China may rise more than double to 10 million tons this month and as of last April, according to Fortexa Ship Tracking Co. Ltd., where the chief analyst in Asia Serena Huang said that it will" Dwarfed Russian quantities transported by sea.
He added, “Although usually the largest oil exporter in the world is the largest source of imports of crude oil in China, but its shipments to the country declined by 41% during the month of March, according to data tracking tankers collected by Bloomberg and this puts them in an unusual position For being the third largest supplier behind Russia and Iraq for offshore oil shipments.
He added, “The increase in the expected shipments to China will not be significant even with the Saudi Aramco company reducing the amount of crude it allocates to Asian buyers in line with the OPEC agreement to limit production, because the state-owned company was more aggressive in reducing the amount of oil it supplied to American and European customers ”
The report pointed out that, although "a recovering Chinese economy would benefit Saudi suppliers after uncertainty about the demand from Russian producers, but analyst at Energy Aspects in London, Liu Yuntao said," The independent Chinese refiners bought immediate quantities from the eastern ports of Russia this month The past, as the short delivery period provides more flexibility for them than Saudi Arabia. ” Ended / 25 z