Saudi Arabia becomes China's largest oil supplier in November

Saudi Arabia's oil exports to China increased by 43% month-on-month (MoM) in November 2020 to reach 8.48 million tons, or 2.06 million barrels per day (bpd). Accordingly, the Kingdom, the world's second biggest economy, restored its position as the largest oil supplier to China, Reuters reported.

Russia came second, with oil exports of 6.1 million tons (1.48 million pbd). It was followed by Iraq with 5.098 million tons (1.24 million pbd).

China's imports from the US jumped in November to 3.61 million tons, compared with 0.26 million in the same period of 2019 as the companies accelerated their energy purchases as per a commercial agreement.

Meanwhile, China's oil imports from Saudi Arabia increased by 2.2% year-on-year (YoY) during the period from January to November 2020 to reach 77.98 million tons.