Saudi overtakes Russia as China’s largest crude oil supplier in Nov

Saudi Arabia overtook Russia as China’s largest crude oil supplier in November, breaking Russia’s 19-month streak of delivering the most crude to the world’s largest oil importer, customs data showed on Monday.

Last month, Saudi Arabia supplied 6.56 million tonnes, or 1.596 million barrels per day (bpd) of oil, up 50 per cent from a year earlier, data from the General Administration of Customs showed.

Russia was in second place at 6.55 million tonnes, or 1.593 million bpd, of crude in November, up 30 per cent from a year earlier, the data showed.

Saudi Arabia, the world’s biggest oil exporter, is trying to expand its market share in China this year, with demand from new Chinese refiners pushing the kingdom back into contention with Russia.

Reuters reported that Saudi Aramco signed five crude supply agreements that will take its 2019 contract totals with Chinese buyers to 1.67 million bpd.

China also resumed crude imports from the U.S. after a halt in October as the trade conflict between the two countries showed signs of thawing.

Still, imports were only 33,558 barrels in November, down 88 per cent from a year earlier, data showed.

China agreed to buy an unspecified but “very substantial” amount of agricultural, energy, industrial and other products as the two countries declared a truce on Dec. 1.

Iranian supplies last month were 388,726 barrels, falling 30 per cent from the same period last year.

China’s waiver on U.S. sanctions on Iran allows it to buy 360,000 bpd of oil for 180 days.