China Guzzles Saudi Arabian Oil While Riyadh Keeps U.S. Flow Low
- Crude flows to China rise to the highest level since May
- Exports to the U.S. fall to the lowest on record in October
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To get a sense of the global oil market, Saudi Arabia’s exports to the world’s two biggest importers are a good place to start.
Last month, the kingdom directed at least 1.8 million barrels a day of crude oil to China, the highest deliveries since a surge in buying back in April and May when prices crashed, tanker-tracking compiled by Bloomberg shows. Meanwhile, daily exports to the U.S. slumped to a paltry 97,000 barrels.