According to the latest market news on the evening of June 12, Saudi Aramco announced that it would reduce the supply of July oil contracts to at least three Asian customers.
In addition to Saudi Arabia’s plan to reduce crude oil supply to Asia, it has also recently raised the price of crude oil exported to Asia. . According to the Daily Economic News, Saudi Arabia has increased the prices of all grades of crude oil for Asian customers in July, ranging from US$5.60/barrel to US$7.30/barrel; among which, the price of Arabian Light crude oil has been increased by US$6.10 per barrel. , a premium of 20 cents to the benchmark price, the largest increase in the past 20 years.
In this context, it is a time when our country’s enterprises have successfully resumed work and production, and energy demand continues to recover. Data show that China imported 47.969 million tons of crude oil in May, a year-on-year increase of 19.2%, setting a record high. Moreover, this trend is continuing. Relevant data shows that recently, more than 20 oil tankers were waiting to unload oil at docks on China’s east coast.
In fact, as the world’s largest oil importer, our country does not lack supply sources. While China’s oil consumption is picking up, Saudi Arabia is brewing plans to increase oil prices and reduce supply. This move will undoubtedly be a great opportunity for Russian oil exports.
According to our country’s official data, in April, Russia’s crude oil exports to China were 1.75 million barrels per day, an increase of 17% from last year; while Saudi Arabia’s crude oil exports to China were 1.26 million barrels. /day, down 17% from last year. As a result, Saudi Arabia’s position as China’s largest crude oil supplier was replaced by Russia.
It is worth mentioning that in recent years, China and Russia have deepened their cooperation in energy trade, and benefited from Due to its geographical location and the continued advancement of the China-Russia pipeline, China may continue to increase its crude oil imports from Russia. This also means that Saudi Arabia will face fierce competition for its oil market share in China. </p
