Economics
China Feasts on Record Saudi Crude Imports After Sanctions Hit Iran
- China’s oil purchases from the kingdom increase 64% m/m
- Shipments from Russia, Angola, Venezuela also increased
Pipes feed crude oil to a tanker, near the Ras Tanura oil refinery, Saudi Arabia.
Photographer: Simon Dawson/Bloomberg
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China has tapped Saudi Arabia for a record volume of crude as the world’s biggest exporter plugs a shortage from sanctions-hit Iran.
Asia’s biggest buyer shipped 7.72 million metric tons of crude, or 1.89 million barrels a day, from Saudi Arabia last month, according to data from China’s General Administration of Customs. Shipments from the OPEC producer made up almost a fifth of its total oil purchases in June and was 64% higher than the previous month. Imports from Iran fell to the lowest since May 2010.