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Saudi Aramco raises exports of Arabian oil to China by 52 percent in 2019



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22 11 2018

Saudi Aramco signed yesterday five new agreements for the supply of crude oil with Chinese customers, increasing the volume of oil agreed to be supplied to Beijing in 2019 to 1.67 million barrels per day, which will probably return to its position as a supplier Great from Beijing 2006 to 2016.

According to an analysis of the newspaper unit "Economist" based on data from "Revnitiv Akon", Kepler Freight Information Company and JDI data, exports of oil from Saudi Arabia to China, 39, next year they will increase by 52% (570 thousand barrels), with exports to Beijing in September of 1.1 million barrels per day.

Saudi Arabia, the world's largest oil exporter, is 7.43 million bpd, while China is the world's largest consumer in 9 million bpd worldwide.

Saudi oil exports to China in September accounted for about 15 percent of total Saudi exports in the same month, amounting to 7,433 million barrels per day.

The share of Saudi exports currently accounts for 12.2 percent of China's imports, placing the kingdom as the second oil exporter in China after Russia.

Assuming the stability of total exports to Saudi Arabia and imports from China next year, oil exports from Saudi Arabia to China will probably increase in 2019, representing 22, 5 percent of total exports to Saudi Arabia.

The proportion of Saudi oil exports is expected to increase to 18.6% of Chinese imports next year after the new Saudi Aramco agreements, so that the kingdom is likely to become the largest supplier of Beijing petroleum at the time.

Saudi exports to China in September increased 17.6 percent (165,000 bpd) to 935,000 bpd in August of the same year.

In a statement, Aramco said that it would become the largest supplier in China after signing new supply contracts, a position that took place between 2006 and 2016.

According to the statement, the first International Import Trade Fair of China witnessed the signing ceremony, and the Saudi company also signed a memorandum of understanding with the China National Oil Company to obtain a Additional optional supply of 100,000 barrels per day, with a total of 723,000 barrels daily

"The petroleum supply agreements signed at the APEC conference in Singapore and the China International Fair of Importing in China once again demonstrate that Saudi Aramco is a reliable option for world refineries and our strong commitment to the Chinese market, "said Ahmed Al-Subaie, vice president of Saudi Aramco for marketing, sales and supply planning. "He said.

Aramco has signed a supply agreement of 116 million barrels per day (bpd) with China Petroleum and Chemical Co. Ltd. Beyond the 34th Asian Petroleum Conference (APEC) in Singapore.

The new supply agreements are the result of marketing efforts that focus on customer diversification, strategic relationships and exploitation of the regional demand previously not provided by Saudi Aramco, and stressed the importance of diversify the Saudi Aramco customer base and acquire a large proportion of the growing demand of China Oil in the future.

© 2018

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