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Iraq and Saudi Arabia's oil exports to China rise in October
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Economy News _ Baghdad
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Added 11/02/2022 - 10:08 AM
Update 02/11/2022 - 1:09 PM
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Economy News _ Baghdad
Iraq and Saudi Arabia raised their crude oil exports to China last October, to increase their share in the Chinese market, after Russia increased its oil exports to the latter following its invasion of Ukraine.
According to Bloomberg, the American news agency, Iraq and Saudi Arabia shipped about 3 million barrels per day of crude to importers in China in October, and with some tankers that have not yet announced ports of arrival, they represent the highest numbers for exports since January 2021. .
Russia is racing to identify non-European markets for its crude oil production this year after the European Union, which includes 27 European countries, announced that it would ban most purchases of seaborne oil from Russia as punishment for its invasion of Ukraine, and since last April, China's total imports of Russian oil jumped At an annual rate of about 20%, according to customs data.
Oil prices rose slightly after the Organization of the Petroleum Exporting Countries (OPEC) and its allies pledged to cut production.
Russia has increased its exports from the Far East, a major member of the "OPEC +" alliance and is suffering under pressure from Western sanctions, and has also begun to use the Northern Sea Route to transport oil from the Arctic to China.
59 . views
Added 11/02/2022 - 10:08 AM
Update 02/11/2022 - 1:09 PM
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