Saudi oil shipments to China jumped last October, by 12% compared to the same period in 2021, to maintain the Kingdom's position as the largest oil supplier to Beijing.
According to official Chinese data published by the US economic agency Bloomberg, Saudi Arabia exported 7.93 million tons, equivalent to 1.87 million barrels per day, to China last October.
The data showed that China's imports of Saudi oil from the beginning of this year until October amounted to about 73.8 million tons.
Russian supplies to China recorded about 72 million tons since the beginning of the year, an increase of 9.5% on an annual basis, to come in second place after Saudi Arabia.
China's imports of crude oil from the United States in October jumped more than five times over the same month a year earlier.
Chinese imports from Malaysia, which for the past two years has been a transit point for shipments from Iran and Venezuela, nearly doubled year-on-year to 3.52 million tons.
Chinese state-run companies, including Unipec, China Oil and Zhenhua Oil, have ramped up imports of Russian Urals crude mostly loaded from European ports in the past weeks ahead of imminent EU sanctions.
The Group of Seven countries intends to announce a ceiling for Russian crude prices next Wednesday, according to informed sources told Bloomberg.
The administration of US President Joe Biden is expected to announce the proposed price before the EU ambassadors' meeting on November 23.
If the proposal is approved, the agreed price ceiling can be announced during the meeting day.
The price cap will prevent companies from providing the freight and services needed to transport Russian oil unless the oil is sold for less than the agreed ceiling.
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