Saudi oil supplies to China will be reduced by more than 10%, Reuters reported on May 10, citing sources.
Oil supplies are expected to total 39 million barrels in June, up from 45 million barrels in May.
The drop in supplies comes as the kingdom’s oil major, Saudi Aramco, raised export prices for most of its oil supplies to Asia to the highest level in five months.
China’s refiners are buying less Saudi oil due to high prices and declining refining margins.
Recall that previously the Saudi Arabian Ministry of Finance reported a budget deficit of $3.3 billion in the first quarter of 2024, while oil revenues reached $181.9 billion. The country plans to further increase oil export revenues.
Source: Rossa Primavera
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