Saudi Arabia set to increase crude oil supply to China in May significantly - report
Seeking Alpha News (Fri, 11-Apr 2:08 AM)
- Saudi Arabia's crude oil supply to China is expected to surge in May from the previous month as a sharp price cut by the kingdom attracted more demand, Reuters reported on Friday, citing sources.
- State oil firm Saudi Aramco (ARMCO) will export about 48 million barrels to China in May, a tally of allocations to Chinese refiners showed, up from April's 35.5 million barrels.
- Chinese state major Sinopec, China National Offshore Oil Corp and private refiner Shenghong Petrochemical will all be lifting more Saudi crude in May, the sources said.
- Aramco on Sunday cut the May official selling price (OSP) for flagship Arab Light crude to $1.20 a barrel above the average of Oman and Dubai prices, down $2.30 from the April OSP.
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