Saudi oil exports to China hit one-year low
Early Bloomberg tanker tracking data showed on Wednesday, Saudi Arabia’s crude oil exports to China dropped by 20% last month when compared to November, recording the lowest level of Saudi crude sales to China in 2017, oilprice.com reports.
Key Details:
“According to the tanker tracking figures, less than 3.5 million tons of crude oil, or 25.6 million barrels of oil, left Saudi Arabia en route to Chinese ports in December.
The route takes around 20 days to complete, and China will publish its December country-by-country crude oil imports data around January 22, which would confirm whether the Saudis had in fact drastically cut crude shipments to China last month.
For December, the Saudis had cut total crude oil exports by 120,000 bpd from just above 7 million bpd in November, reducing shipments to all regions, including a 10-percent reduction of oil exports to the U.S.”
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
