Saudi Arabia’s crude oil shipments to China are expected to drop to about 40 million barrels in November, down sharply from roughly 51 million barrels in October, according to several trade sources. Reuters reporting.
The decline reflects Chinese refiners shifting toward cheaper spot cargoes from other Middle East suppliers as price differentials widen. Traders said the pullback comes after a surge in Saudi volumes last month, suggesting Chinese buyers are becoming more price-sensitive amid ample regional supply and steady refining margins.
Market participants said the dip is likely temporary and does not signal a breakdown in Saudi-China energy ties but underscores the flexibility of Chinese crude sourcing as Middle East producers compete for market share.
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Lower Saudi flows to China may weigh slightly on official selling prices in the region while boosting spot demand for other Middle East grades. The shift underscores China’s pricing leverage as refiners diversify suppliers amid moderate margins.
