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China’s Imports of Saudi Oil Jumps to Record High in November

China’s Imports of Saudi Oil Jumps to Record High in November

Thursday, 26 December, 2019 - 11:30

China's imports of crude oil from Saudi Arabia, its largest supplier, reached a record high in November, increasing over 25 percent, compared to same period in 2018.

Shipments from Saudi Arabia reached 8.21 million tons last month, or two million barrels per day (bpd), compared to the highest level ever of 1.98 million bpd in October and 1.6 million bpd in November 2018, according to data released by Saudi Customs.

The drone attack on the two oil facilities in Saudi Arabia on September 14th dropped the Kingdom’s oil production to half, forcing the state-run Aramco to withdraw from stocks and switch grades of crude to maintain supplies to customers.

Imports from Russia, China's second largest supplier, rose 16.64 percent in November compared to 7.64 million tons a year earlier, equivalent to 1.86 million bpd.

According to Refinitiv Oil Research, almost all supplies from Iran transported on ships operated by the National Iranian Tanker Company were included in government’s stock.

In other news, Interfax news agency reported that Russia has reduced its oil output excluding gas condensate by 240,000 bpd so far in December compared with levels in October 2018, the baseline month.

Energy Minister Alexander Novak was quoted by Interfax as saying that Moscow has pledged to cut its oil production including gas condensate, a light oil, by 228,000 bpd as part of a global deal.

Earlier, Novak said that Russia's 2019 oil output was estimated at a record high 560 million tonnes.

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