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Saudi Arabia ships 4M barrels to China outside Strait
Saudi Aramco has announced that it sold approximately 4 million barrels of its medium and heavy Arab crude to China's PetroChina, with the shipments scheduled for September from locations outside the Strait of Hormuz. This deal is part of Saudi Arabia's ongoing efforts to export heavier grades of oil to China through alternative routes outside the Strait of Hormuz, due to regional disturbances. It is the second such sale of heavy crude this month, following a previous deal involving sulfur-rich grades. The closure of the Strait of Hormuz has prompted Chinese refineries to rely more heavily on purchasing oil from the Gulf through methods that reduce risks and facilitate transportation away from high-threat areas. Despite the ongoing war, market expectations indicate that demand for Middle Eastern oil in China will continue to rise, even though oil flows have not yet returned to pre-war levels.
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