Saudi Arabia retained a top spot in oil supplies to china for a ninth straight month in August as major producers relaxed production cuts.
The Iraqi Council of Ministers approved the renewal of a contract to supply 12 million barrels (mmbbl) of Basra Light crude to the Egyptian General Petroleum Corporation (EGPC) in 2021.
China’s crude oil imports rose 2.1% in September month-on-month (MoM) as delayed cargoes finally cleared customs after months of port congestion cleared and onshore storage capacity was increased.
China, The world’s largest crude importer, has seen a 13% rise in crude imports year-on-year (YoY) following the arrival of sizeable orders that have now arrived after congestion at the ports.
The cost of the sector's total crude oil imports decreased in the first 10 months of 2019 to $1.29 billion, compared to $1.6 billion in 2018, a $280 million year-on-year (YOY) decline.
South Korea’s imports of Iranian crude plummeted 86.5% year-on-year (YOY) in August, in anticipation of US sanctions set to take full effect in November.