• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 5 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 18 mins Reality catching up with EV forecasts
  • 6 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 8 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 6 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 11 days The Federal Reserve and Money...Aspects which are not widely known
  • 16 days US Oil Independence is a myth and will always be a myth
  • 16 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Will Geothermal Energy Ever Become Scalable?

Will Geothermal Energy Ever Become Scalable?

Geothermal energy offers tremendous potential…

The ExxonMobil Papers

The ExxonMobil Papers

Two weeks ago, the prestigious…

Saudi Retains Top Spot among China Oil Suppliers

Saudi Arabia has remained China’s number-one crude oil supplier, customs data for October has shown, per a Reuters report.

Saudi oil exports to China during that month were up by 19.5 percent from a year earlier, averaging 1.67 million barrels daily. While up on the year, this was down on September, when Saudi exports to China totaled 1.94 million bpd.

This means Saudi Arabia has been the top oil supplier of China for 11 months in a row now, Reuters noted, with the average daily import rate for the period January to October rising by 5.8 percent on the previous year.

ADVERTISEMENT

In that, the Kingdom replaced Russia, which held the number-one spot for most of last year. This year, however, crude oil imports from Russia were down by 7.7 percent for the first ten months of the year.

At the same time, refinery runs in the country rose during October, which, according to Reuters columnist Clyde Russell, meant that refiners tapped oil in storage. Russell noted that in the past seven months, refinery runs have been higher than the combined amount of domestic production and imports of oil on five occasions.

ADVERTISEMENT

The two OPEC+ partners Saudi Arabia and Russia are rivals for the Chinese market, as the country is among the biggest consumers and importers of crude. In that, they also compete with Iran, for whom China is a lifeline as it has continued buying Iranian crude despite U.S. sanctions.

According to customs data, China continued importing crude from Iran in the third quarter at a rate of over half a million bpd.

China’s October total, however, slipped to a three-year low because of the government’s crackdown on independent refiners. Besides environmental and tax evasion investigations, Beijing has also hit the private refiners with lower oil import and fuel export quotas.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News