Chinese imports of crude oil from Saudi Arabia are running at record breaking pace averaging 1.60mn b/d over the first nine months of the year and a quarterly record of 1.74mn b/d for Q3. But both parties are looking to increase this further in 2020. Saudi Aramco attended China’s 2019 CIIE trade fair this week and announced that it had “signed crude oil sales agreements for 2020 with five Chinese customers, increasing total volume by 151,000 barrels per day compared to their 2019 supply contracts.”
Aramco adds that the deals “further solidify the Company’s position as China’s top crude supplier.” However, they don’t necessarily add up to increased trade, as these expanded deals may yet be offset by reductions from other buyers. Still, the move highlights Aramco’s commitment to the Chinese market. (CONTINUED - 134 WORDS)