China's crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled, cementing the kingdom's position as the top oil supplier to China.
BEIJING - China’s crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled, cementing the kingdom’s position as the top oil supplier to China.
Imports from Saudi Arabia rose to 8.88 million tonnes in June, or 2.16 million bpd, in June, according to data from the General Administration of Customs on Sunday. The record imports follow a price war between Saudi Arabia and Russia, the world’s top oil exporters, during March and April when the coronavirus pandemic dampened demand and caused a global fuel glut.
Saudi, however, delivered bigger oil cuts from June and raised crude prices as a plunge in oil prices weighed on the kingdom’s budget.
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