Reuters quoted trade sources as saying that Saudi crude oil exports to China will rise in August to at least 44 million barrels after major price cuts by the giant Saudi Aramco.
The sources added that August exports to China will rise for the first time in four months, and will increase from about 36 million barrels in July.
This increase will help the largest oil exporting country regain its share in the largest import market.
Saudi exports to China fell in June to 1.12 million barrels per day, the lowest level since March 2020, according to data from Kpler Analytics.
Chinese buyers of Saudi oil include Zhejiang Petrochemical Company, Sinopec, Sinochem and PetroChina.
Separately, the sources said that Saudi Aramco will supply the full contractual volume to at least three other refiners in North Asia in August.
The allocation comes just days after Saudi Aramco reduced crude oil prices for August loading to Asia for the second month and the price of the main Arab light crude oil reached its lowest levels since March.
One source said that August's official selling prices for Saudi crude were more reasonable than in previous months when Saudi supplies were priced higher than other crudes sold in the spot market.
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