Saudis focus oil shipments on China during production cuts

WORLD OIL | An early look at Saudi Arabia’s crude exports for May shows that historic production cuts have done little to squelch the kingdom’s flood of oil to China, which is just getting back on its feet from the coronavirus.

Saudi flows to the Asian nation were about 2.1 million barrels a day through May 28 -- a figure that may rise in the coming days -- tanker-tracking and fixture data show. That compares with 2.3 million in April, which was the highest since the start of 2017, when Bloomberg began tracking shipments. It’s also just the third time during that period when average daily exports to China breached the 2 million mark.

To read the full article, click here.

  • LinkedIn
  • Twitter

© 2020 Energen. This website represents a proof of concept of the future platform