BEIJING: Oil deliveries of China from Saudi Arabia fell 2.7 percent to 4.74 million metric tons as China reduced oil imports from Saudi Arabia even as the world’s largest crude exporter cuts prices to lure Asian customers.
China oil imports reduced even state-owned Saudi Arabian Oil Co. on Oct. 1 cut prices for all grades and to all regions for November. The price of Arab Light was cut by $1 a barrel to a discount of $1.05 to the average of Oman and Dubai crudes.
As per data released by the General Administration of Customs in Beijing, shipments from Colombia surged 389.6 percent, while Russian deliveries increased by 56.8 percent.
Asian consumers are benefiting from a wider choice of suppliers offering cheaper crude, from Venezuela to Alaska and Nigeria, as the highest U.S. production in almost 30 years cuts American demand. Saudi Arabia reduced prices for oil for Asia to the lowest in almost six years as it aims to maintain market share even as global benchmark prices have dropped about 25 percent from June.
