Saudi Arabia’s crude oil exports to China are set to increase to 46 million barrels in October, following a price cut for Asian buyers that spurred demand, according to trade sources.
China’s major refiners, Sinopec and PetroChina, have requested more crude for October, while private refiners Rongsheng Petrochemical and Hengli Petrochemical maintained their demand levels.
This anticipated rise in October imports surpasses the 43 million barrels expected in September. The increase follows Saudi Aramco’s reduction of the official selling price for Arab Light crude to its lowest in nearly three years.
Despite being the second-largest crude supplier to China after Russia, Saudi Arabia’s oil exports to China dropped by 10.3% in the first seven months of the year compared to the same period last year, according to Chinese customs data.