• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 7 hours EU has already lost the Trump vs. EU Trade War
  • 1 hour Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 22 mins Science: Only correct if it fits the popular narrative
  • 4 hours ''Err ... but Trump ...?'' *sniff
  • 49 mins China's Renewables Boom Hits the Wall
  • 9 mins What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 6 hours Tesla Launches Faster Third Generation Supercharger
  • 15 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 7 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 5 hours Crazy Stories From Round The World
  • 1 day Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire

Breaking News:

Russia Plans To Boost Crude Oil Exports

Alt Text

Is U.S. Shale Circling The Drain?

There’s a lot going on…

Alt Text

Has Global Oil Production Really Peaked?

The lack of significant new…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Saudi Arabia Inks New Mega Deals With The World’s Largest Oil Importer

The world’s top oil exporter Saudi Arabia is looking to cement its top supplier position in the world’s largest oil importer, China, after Saudi Aramco signed on Thursday crude oil sales agreements with five Chinese customers for 2020, boosting expected supply by 151,000 bpd compared to this year’s supply deals.

“These agreements reflect Saudi Aramco’s efforts to strengthen its position in China and support the country’s growth in refining and petrochemicals, as well as overall energy security,” the Saudi oil giant said in a statement.    

The new deals show Saudi Aramco’s continued commitment to the world’s fastest-growing oil market, said Ahmed Al-Subaey, Vice President of Marketing, Sales and Supply Planning.

Saudi Arabia was the top oil supplier to China in September, with sales of around 1.74 million bpd, nearly double from September last year.

Chinese demand from newly started up refineries and restricted exports from Iran and Venezuela have benefited Saudi sales on the top importing oil market in the world in recent months. The Saudi efforts to slash exports to the most transparent market in the world, the U.S., while raising sales to the fastest-growing market, Asia, have also allowed it to surpass Russia as a top supplier to China in recent months.

Aramco is also boosting investments in China’s downstream market.

Keeping its crude oil exports subdued in hopes of erasing the glut and propping up oil prices, Saudi Arabia has dramatically reshuffled the priority destinations of its exports, boosting sales to China and slashing shipments to the United States.  

While Saudi Arabia currently slashes exports to the United States, it is looking East to build a long-term relationship on the prized Asian oil market and to lock in future crude oil demand in the region expected to show the only solid growth in demand in the coming years and decades.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play