Saudi oil exports to China will surpass two-year high in August—Reuters sources

According to five different trade sources cited by Reuters, Saudi Arabia's crude oil exports to China will rise to their highest level in two years in August.

Supply statistics showed that Saudi Aramco is set to deliver about 51 million barrels of oil, or 1.65 million barrels per day, to China next month. Kpler estimates that shipments will exceed July's result by 4 million barrels, thus reaching the highest volume since April 2023.

Most of those cargoes in August will be shipped to China's state-owned oil company Sinopec, the sources said. The organization is ramping up refining after completing maintenance at several refining facilities in the second quarter. Shipments to other Chinese refiners will remain unchanged from the previous month, according to agency sources.

Earlier, Saudi Arabia, the world's largest oil exporter, raised selling prices for August for Asia by more than $1 per barrel. This is due to the expected growth in domestic demand for oil and the corresponding reduction in exports with simultaneous strengthening of consumption in China.