Bloomberg: Saudi Arabia sharply cut oil exports to China and the US
Saudi Arabia’s oil exports to the US and China fell sharply in November compared to last month. Bloomberg.
Supplies of crude oil from Saudi Arabia to China fell to 1.6 million barrels a day last month from 1.9 million barrels a day in October. Russia’s rival’s total shipments fell to about 7.1 million barrels a day, the lowest since June.
Exports to the US fell to 83,000 bpd. This is the lowest number since 2017, when the agency began tracking oil shipping data. The figures are “exceptionally low,” especially considering that deliveries from the kingdom to the United States in September reached 667,000 barrels per day. This was the highest figure in more than two years.
November figures could rise as ships carrying about 18 million barrels of Saudi oil that were loaded in October still have not reported their final destinations.
Saudi Arabia’s oil export revenue hit a record low since March in September. The kingdom sold raw materials totaling 100.192 billion riyals ($26.7 billion).
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