Saudi Aramco has cut crude oil supplies to China for a third consecutive month, with April deliveries set to fall to their lowest level in a year, according to Reuters.
Aramco will supply 34 million barrels to Chinese buyers next month, down 17% from March’s 41 million barrels and well below January’s 46 million, the newswire said, citing sources.
The decline comes as Chinese refiners enter peak maintenance season, with Sinopec alone shutting around 700,000 barrels per day of capacity from mid-March to mid-May.
At the same time, China appears to be increasing purchases of Russian crude, while Indian refiners have grown more cautious following new sanctions on Moscow-linked oil shipments.