24 Hrs
Source:
الاقتصادية
China purchases Saudi oil at rare auction
Chinese state and private refining companies have acquired approximately 10 million barrels of Saudi crude oil through a rare tender and long-term contracts, with available immediate shipments. This comes amid changes in import and refining activities during the period of tension in the Iran war. Nevertheless, China's oil imports from Saudi Arabia remain well below pre-war levels, when they previously imported around 40-50 million barrels monthly. This situation reflects China's efforts to rebuild its oil reserves and strengthen its relations with the Middle East, while monitoring the market for a sustainable recovery in demand and expanding oil transportation through secure routes amid logistical threats in the region.
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