Saudi Arabia will raise crude oil supplies to China to 46 million barrels in October 2024 after the world's biggest oil exporter cut prices for Asia, boosting demand, trade sources said on Thursday.
China's top two refiners Sinopec and PetroChina have ordered more crude for October loading, while demand from private refiners Rongsheng Petrochemical and Hengli Petrochemical remained steady, Reuters reported, citing sources.
She pointed out that the volume of supplies in October will be higher than the 43 million barrels that Chinese refiners are expected to receive in September.
The rise in demand from the world's largest importer comes after Saudi Aramco cut the official selling price for Arab Light crude to Asia in October to the lowest level in about three years. Saudi Arabia is China's second-largest supplier of crude oil after Russia.
Saudi crude oil exports to China fell 10.3% to 46.79 million metric tons (1.61 million barrels per day) in the first seven months of 2024 compared to the same period last year, according to Chinese customs data.
