Saudi Arabia’s crude oil exports to China are set to touch a multi-year high in March after the kingdom cut its official selling prices to Asia for a fourth month and attracted more demand, several trade sources said.
State oil company Saudi Aramco will ship at least 53 million barrels to China in March, or about 1.71 million barrels per day (bpd), a tally of allocations to Chinese refiners from trade sources showed.
The allocation volume marks a jump from the previous two months, when it remained under 50 million barrels, and is the highest since March 2023, according to Reuters’ records. Companies that planned to increase Saudi crude liftings next month included PetroChina and Rongsheng Petrochemical, the tally showed.
