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Saudi Sprint in China Oil Race Shows Where Priorities Lie

  • Saudis overtake Angola to become 2nd-biggest supplier to China
  • China is a priority for Saudi Arabia: ICIS-China’s Li Li says
Photographer: Luke MacGregor/Bloomberg
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Saudi Arabia has moved back up a notch in the race to supply oil to China, signaling its eagerness to compete for market share in Asia’s biggest crude consumer.

The world’s largest oil exporter shipped almost 4 million tons of crude to China in July, the equivalent of 946,000 barrels a day, a 3.7 percent increase from a month earlier, according to data released Wednesday by the General Administration of Customs. That puts the producer second only to Russia as the Asian nation’s top supplier after languishing in third over the last four months.