Saudi Arabia is set to increase its crude oil supply to China in October after cutting prices, leading to increased demand from Chinese refiners.
Saudi Arabia is expected to increase its crude oil supply to China in October after the world’s top crude exporter cut the prices of the oil it sells in Asia, trade sources told Reuters on Thursday. The Kingdom is set to ship a total of 46 million barrels of its crude to China next month, up from an estimated 43 million Saudi barrels expected to land in the world’s largest crude importer in September.
As a result, demand from the largest refiners in China has increased, while nominations from major private refiners with allocated import quotas have held stable for next month, according to Reuters’s sources. Refiners in Asia expected lower Saudi crude prices for October compared to September prices, partly due to weak refining margins across the world’s top importing region.
China Crude Oil Oil Prices Oil Exports Oil Imports Sinopec Petrochina Arab Light Refining Margins
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