Saudi Arabia has exported between 1.6 million barrels and 1.7 million barrels of crude per day between January to November. Deep price cuts gave the kingdom's oil exports a boost this month, according to Reuters.
Saudi Arabia, restored its position as China’s top supplier last year, was catching up with Russia which has exported about 1.7 million bpd of oil to China so far in 2020, with Iraq at a third place with about 1.2 million bpd.
The coronavirus pandemic has hit hard the oil industry this year. It hurted business and ground the travel industry to a virtual halt.
China, the world’s top crude importer, is one of the few countries to have boosted purchases in 2020, as buyers made the most of low prices earlier this year, while fuel demand recovered from the second quarter along with the broader economy.
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