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As per a recent development happened last month when Saudi Arabia’s Oil Export to China fell by 41 percent than the previous month, Russia is said to have become the largest exporter of crude oil to China. And it has overtaken Saudi Arabia who was previously the largest exporter of oil to China. In last month, Russia is said to have exported an average of 1.75 million bpd while Saudi Arabia only exported 1.26 million bpd of oil to the world’s largest importer of Oil i.e., China.
While in March this year, Saudi Arabia’s oil exports were 1.7 million bpd and Russia’s was just 1.66 million bpd. Not only Russia but Iraq has also overtaken Saudi Arabia in April by exporting more oil than it to China and became the second-largest oil exporter to the target country followed by Saudi Arabia. Though according to analysts decrease of Saudi Arabia’s Oil Exports to China as compared to Russia is temporary and Saudi Arabia is likely to regain its position soon as, in May, its shipment to China could be more than double from the previous month according to Ship-tracking company Vortexa.
It is said that the oil demand has gained a substantial increase as China’s April oil imports were higher than a month before which means oil prices are likely to regain good value as per the information which was disclosed by Ship-tracking Company Vortexa to Bloomberg. IHS Markit Regional Head has said that it was clear that Saudi was targeting in April to enhance its market share in the West. Saudi is now scaling down the output and shipment activities but is anticipated to have its focus on China.