Unprecedented Decline in Saudi Oil Exports to China in May Amid Energy Market Turmoil

Sources in the energy market revealed that Saudi Arabia's exports to China will record an unprecedented decline during May, reaching the lowest levels since data tracking began.

According to the information, Saudi Aramco will ship about 20 million barrels of oil to customers in China, equivalent to approximately 645,000 barrels per day.

Data indicates that these quantities represent less than half of the shipments recorded in January and February, when exports exceeded 45 million barrels.

This decline reflects a significant shift in oil flows between the world's largest producer and consumer of energy.

Sources clarified that rising crude prices, along with shipping disruptions linked to geopolitical tensions, have led some Chinese refineries to reduce their demand for Saudi crude.

Saudi Arabia also raised the official selling price of Arab Light crude to Asia for May to record levels, increasing the import costs for buyers.

Reports indicated that major Chinese refining companies significantly reduced their orders, amid expectations of receiving delayed shipments from previous months, which contributed to a decrease in new contracts.

This decline comes at a time when the global energy market is experiencing sharp volatility, amid concerns about extended impacts on prices and supply chains.

Analysts believe that any decrease in Saudi oil flows to Asia may affect market balance in the upcoming period.