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Saudi Crude to China Expected to Slip Further in July

OIL

Saudi crude exports to China are expected to fall for a third straight month in July to about 36mn bbls according to Reuters sources.

  • Chinese demand has reduced due to planned maintenance and some refiners opting for other sources of cheaper barrels as well as weak margins.
  • June imports of Saudi crude are expected at 39mn bbls, likely the lowest for the year so far, the sources said.
  • Saudi Aramco cut the OSP for its crude to Asia in July for the first time in 5-months in a signal of weakness for the region.

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