Saudi Oil Exports to China Set to Hit Two-Year High in August ...Middle East

Crude oil exports from Saudi Arabia to China are seen reaching the highest level in two years in August, Reuters reported today, citing half a dozen unnamed trade sources. The daily average, according to refiner allocation data seen by the publication, stands at 1.56 million barrels, for a total monthly volume of 51 million barrels. That’s despite the Saudis’ recent price hike for Asian buyers of their crude in August. Asian buyers will have to pay between $0.90 and $1.30 more per barrel of Saudi crude next month, while buyers in North…

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