BryanNlk
2022-07-26
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China's oil imports from Saudi Arabia are surging, helping the world's top crude exporter notch its best month since 2020. 

Bloomberg data shows Saudi Arabia oil exports this month are on track for their highest levels since April 2020.

Preliminary numbers through July 18 reveal total observed shipments are headed for 7.7 million barrels a day, up by 1.1 million barrels a day from last month.

Flows into China are on track for 1.8 million barrels a day in July, the most in three months.

In contrast, Saudi Arabia's crude shipments to top customers like Japan, South Korea and India have been relatively flat. And exports to the US are set to dip by about 333,000 barrels a day, though analysts expect those figures to recover as some tankers have yet to declare their final destinations. 

Notably, Saudi Arabia more than doubled its imports of Russian fuel oil in the second quarter as a way to free up the kingdom's own crude for exports.

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