Saudi Oil Flows to China Set to Soar Despite Global Supply Curbs
- Chinese firms to buy 40% more Saudi crude in Sept. versus Aug.
- Aramco supplies more term cargoes to Rongsheng Petrochemical
Saudi Arabia has so far committed in giving full contractual cargoes to its Asian buyers.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
China is poised to take about 40% more crude from Saudi Arabia via term contracts next month as a mega-refiner starts taking more oil under a new deal.
Refiners are expected to receive about 52 million barrels in oil cargoes in September, up from around 37 million barrels this month, according to traders who participate in the market. Companies are allocated barrels after making supply nominations to Saudi Aramco following monthly pricing for its crude.