Saudi Aramco Oil Sales to China Set to Fall Sharply in April


Article content

(Bloomberg) — Saudi Aramco is set to supply the lowest amount of oil to China in several months, even as the OPEC+ cartel gears up to boost output.

Article content

The state-owned Saudi Arabian major will send 34 million to 36 million barrels of April-loading crude to customers in China, the world’s biggest importer, according to data compiled by Bloomberg. That compares with 41 million for March, and a figure below 36 million would be the smallest since at least the first half of last year.

Article content

Aramco’s monthly sales to Asia, and in particular to China, are an important source of supply for many refiners across the region. The volume of the shipments, which are sold only via long-term contracts, determines how much crude these processors will need to buy on the spot market from producers including Iraq, the United Arab Emirates and West Africa.

The latest official selling prices offered by Aramco were lower than expected in a Bloomberg survey. At present, it’s unclear if the drop in sales is due to lower requests for cargoes from Chinese customers, or a reduction in supply from the kingdom.

The decline in the Saudi volumes comes as the Organization of the Petroleum Exporting Countries and its allies aim to restore output from next month, kicking off the first of what could be a long series of modest supply increases. That move — coupled with wider concerns about the potential impact on energy demand from the US-led trade war — have weighed on crude futures.

Three other refiners outside of China said they received all of the crude that they had requested. Aramco’s press office didn’t respond to an email seeking comment.

—With assistance from Alfred Cang and Rakesh Sharma.

(Updates throughout)

Share this article in your social network



Source link

  • Related Posts

    Trump’s tariff wars forge rare bipartisan alliance in Kentucky as bourbon makers fear escalation

    Article content FRANKFORT, Ky. (AP) — President Donald Trump’s blunt-force use of tariffs has forged a rare bipartisan alliance among Kentucky’s top leaders — Democratic Gov. Andy Beshear and Republican…

    Democrats react to Schumer’s plan to vote for GOP funding bill

    IE 11 is not supported. For an optimal experience visit our site on another browser. Now Playing Democrats react to Schumer’s plan to vote for GOP funding bill 03:01 UP…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Swearing-in of the 30th Canadian Ministry

    Swearing-in of the 30th Canadian Ministry

    Trump’s tariff wars forge rare bipartisan alliance in Kentucky as bourbon makers fear escalation

    Democrats react to Schumer’s plan to vote for GOP funding bill

    Democrats react to Schumer’s plan to vote for GOP funding bill

    Ontario urging measles vaccinations amid worst outbreak in more than a decade

    Ontario urging measles vaccinations amid worst outbreak in more than a decade

    Stephen Curry becomes the first player in NBA history to make 4,000 3-pointers

    Stephen Curry becomes the first player in NBA history to make 4,000 3-pointers

    14 best all-inclusive resorts in Cancun

    14 best all-inclusive resorts in Cancun