Chinese crude imports have continued to set new records this year, peaking at 11.7 million b/d in June, with Saudi Arabia the largest exporter of seaborne crude to China. From January to October Chinese crude buyers bought an average of 1.52 million b/d from Saudi Arabia. Such has been the appetite in the country that it has become the key buyer of crude, especially during the COVID-19 pandemic, where other countries demands plummeted, and shipments significantly declined. Saudi Arabia wasn’t the only country to benefit from this up-tick in demand. Iraq became the next largest seaborne exporter of crude to China. During the course of the year exports averaged just over 1.0 million b/d. Russia is the next largest exporter, averaging 0.92 million b/d. Other countries such as Brazil and Angola have also benefited from the increased demand from China.
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