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Saudi Arabia leads the Middle East allies in rejecting Chinese buyers. I think this is another signal from the West to the East. It is a card played in terms of energy relations between East and West countries. What actions will be taken in the future? , I think it depends on the reaction of major oil-producing countries such as West Africa, Oman and Russia. I personally feel that we should pay enough attention to the current domestic crude oil developments, and the changes in the international crude oil market are what we should pay attention to.
Reuters quoted senior Chinese oil traders as saying that Saudi Arabia and major member states have rejected China's request to import more crude oil, forcing China to seek supplies from West Africa, Oman and Russia. Since the fall in oil prices in the second half of the year, China has taken advantage of the low price to absorb crude oil reserves. China's oil imports from overseas averaged 10,000 barrels per day in April, surpassing the United States' average daily imports of 10,000 barrels, making it the world's largest crude oil importer.
Thomson Reuters data shows that Saudi Arabia’s share of crude oil exports to China in May this year has dropped from April.
Reuters said that Saudi Arabia’s rejection of China’s demand this time was mainly to keep crude oil for refining on its own. Saudi Arabia has long been an exporter of crude oil and an importer of petrochemical products. But this month, Saudi Arabia's oil refinery began operating at full capacity, capable of refining 10,000 barrels of oil per day. This allows Saudi Arabia to produce and export petroleum coke, diesel, gasoline and other products. However, this rejection of China seems to be contrary to Saudi Arabia’s previous stance. When visiting China at the end of April, the Saudi Minister of Crude Oil stated that Saudi Arabia is willing to meet China's crude oil needs and that Saudi Arabia has room for joint energy investment with China.
It said that Saudi Arabia’s crude oil production in March was 10,000 barrels per day, of which 10,000 barrels per day were supplied to China. In the face of increased demand in Asia, Saudi Arabia is able to handle it with ease. As U.S. demand becomes increasingly sluggish, Saudi Arabia is currently strategically tilting toward China and other Asian countries. Over the past year, the United States has imported less than 10,000 barrels of oil per day on average from Saudi Arabia, the lowest level since the financial crisis.
The above is my personal opinion on this news.
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