1st July 2022
EP

Saudi Arabia will cut oil shipments to China in July, according to recent reports, citing sources with knowledge of the matter.

 

The world’s largest oil exporter, Saudi Aramco, has notified at least four Chinese refiners that it will be supplying less than the contracted volumes of oil next month.

 

Sources say the move is due to the fact that China is increasing imports of Russian oil at a substantial discount, which Moscow offered to buyers after Western states began canceling Russian deliveries amid the Ukraine-related sanctions.

 

In addition, there is growing demand for Saudi oil in the world, especially in Europe, amid the phasing out of Russian energy and the search for new suppliers.

 

Reports also state that refineries in Japan, South Korea, Thailand, and India will receive their oil in full, while some will even receive extra supplies, including a Malaysian refinery in Pengerang. Also, at least three European refiners have received full contractual volumes for July delivery from the Saudi company, sources say.


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