Saudi Arabia has compensated China for the shortage of crude oil supplies due to the US-imposed sanctions on Iran. After Chinese oil importer crude Iranian imports decreased to their lowest level since 2010, Al-Arabiya Reported.
On the other hand, Chinese imports of Saudi oil increased by 64% during June.
Beijing is Asia’s largest crude oil buyer with imports of about 1.89 million barrels of Saudi oil per day (b/d). In addition, 19.5% of China’s total oil purchases in June came from Saudi Arabia, recording the highest level since 2013.
Similarly, Russia and Angola both increased their oil exports to China to meet the country’s large demand.
In June, Iranian crude exports dropped to 300,000 barrels per day (b/d), due to the US sanctions. The drop in oil exports has been mainly caused by reimposing the sanctions on Tehran and then ending sanction waivers for major Iranian oil buyers.
American sanctions led to a drop in Iranian crude exports from 2.8 million b/d to around 1 million b/d in a year’s time, and it has been declining ever since.