China Reduces Saudi Crude Orders Amid Hormuz Disruptions and Pricing Competition
Chinese refiners have cut or not received allocations for August term crude cargoes from Saudi Arabia due to weak demand, competition from other producers, and ongoing disruptions at the Strait of Hormuz. Monthly supply volumes are now between 10-20 million barrels—far below last year's average of 40 million—and Saudi Aramco has slashed prices by $1.50 per barrel for its Arab Light crude in Asia.
Topics: China crude oil Saudi Arabia Strait of Hormuz trade dynamics