China’s oil imports from Saudi Arabia rose by 47% in 2019, according to customs data citing Reuters.
According to data from the General Administration of Customs, the China-Saudi imports reached a total of 1.67 million barrels per day (mmbbl/d).
Saudi Aramco, the world’s top oil exporter, signed at least two new supply pacts with private refiners in China that came into the market from late 2018.
It should be noted that Saudi Aramco’s deals with China were previously made through long-term contracts only. However, Aramco’s new marketing strategy has boosted Saudi shipments significantly.