Saudi Arabian exports to China rose to nearly 946,000 barrels per day (d/b) during the month of July, a 3.7% increase from June, Bloomberg reports.
With the higher exports, Saudi Arabia overtook Angola to become the second largest supplier of crude to China, a position it lost earlier this year, according to Bloomberg.
Russia remained China’s top supplier for the fifth month in a row, selling the world’s biggest-importer of crude oil approximately 1.17 million b/d, CNBC reports.
Despite rising exports, Saudi Arabia’s sales to China remained lower than they were a year ago, registering a 0.8% year-on-year decrease from 2016, Bloomberg notes.
Saudi Arabia is set to reduce its oil shipments by 500,000 b/d next month, a move that some analysts believe will force it to reduce its exports to Asia by up to 10%.
Saudi Arabia has maintained its market share in Japan but has struggled to maintain its position in the South Korean market after this year’s production-cut agreement between OPEC and major non-OPEC oil producers.
Chinese crude-oil imports for the year have risen 13.6% year on year from 2016 to 8.51 million b/d, CNBC reports.