Saudi crude oil exports to China will rebound in August to at least 44 million barrels (mmbbl) after deep price cuts by state energy firm Saudi Aramco supporting demand, according to Reuters.

August exports to China will rise for the first time in four months, from about 36 mmbbl in July. This rebound will help the biggest oil exporter regain its share in the largest import market.

Notably, Saudi exports to China tumbled in June to 1.12 million barrels per day (mmbbl/d), the lowest since March 2020, showed data from analytics firm Kpler.

Chinese buyers of Saudi oil include Zhejiang Petrochemical, Sinopec, Sinochem and PetroChina.

Separately, Saudi Aramco will supply full contractual volume to at least three other North Asian refiners in August.

This decision comes shortly after Aramco reduced prices for August-loading crude to Asia for the second consecutive month, with its flagship Arab Light crude priced at its lowest level since March