Saudi exports slump by 42 per cent
- Russian exports to China rise by 20 per cent
- Russia exported 3.92 million tonnes in May
- Saudi Arabia exported 3.05 million tonnes in May
- Saudi Arabia is now Chinas third-biggest crude oil supplier behind Russia and Angola
Russia has replaced Saudi Arabia as Chinas top supplier of crude, according to new data released on 23 June by the Beijing-based General Administration of Customs.
China imported a record 3.92 million tonnes from Russia in May, a 20 per cent increase from April, while Saudi sales slumped 42 per cent from the previous month to 3.05 million tonnes, according to data sent to US-based news service Bloomberg.
Saudi Arabias decline in exports puts it in third position in the ranking of Chinas top oil suppliers, behind both Russia and Angola.
Angola exported 3.26 million tonnes over May.
Saudi Arabias decline in exports to China comes after recent statements from Saudi Oil Minister Ali al-Naimi signalling that a core part of his oil strategy is maintaining market share in Asia.