Saudi Arabia maintains the first position as the largest oil supplier to China

Saudi Arabia maintained its position As the largest supplier of oil to ChinaSaudi shipments to Beijing in October jumped 12% year-on-year to 7.93 million tons, equivalent to 1.87 million barrels per day.

China’s imports of Saudi oil from the beginning of this year until last October amounted to about 73.8 million tons.

Russian supplies to China recorded about 72 million tons since the beginning of the year, an increase of 9.5% on an annual basis, to come in second place after Saudi Arabia.

China’s imports of crude oil from the United States jumped more than five-fold in October compared to a year earlier, as refineries benefited from lower prices as US exports increased amid higher production and drawdowns from inventories.

Imports from Malaysia, which for the past two years has been a transit point for shipments from Iran and Venezuela, nearly doubled year-on-year to 3.52 million tons, while China did not record any imports from Venezuela or Iran.

State-run Chinese firms including Unipec, China Oil and Zhenhua Oil have ramped up imports of Russia’s Urals crude, which is mostly loaded from European ports, in the past weeks ahead of imminent EU sanctions and amid uncertainty over a G7 plan to cap Russian oil prices. .

The Group of Seven countries intends to announce a ceiling for Russian crude prices next Wednesday, according to informed sources told Bloomberg.

It is expected that the administration of US President Joe Biden will announce the proposed price before the meeting of the ambassadors of the European Union on November 23

If the proposal is approved, the agreed price ceiling can be announced on the day of the meeting.

The price cap will prevent companies from providing the freight and services needed to transport Russian oil unless the oil is sold for less than the agreed ceiling.

The plan is scheduled to enter into force after the fifth of next December.

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