Saudi Oil Supply Outpaces Rivals in Grab for Record China Demand - Bloomberg Business

Saudi Oil Supply Outpaces Rivals in Grab for Record China Demand - Bloomberg Business:



"Saudi Arabia expanded its share of China’s oil market last month, outpacing rival producers as they compete to meet record demand from the world’s biggest energy consumer.



China’s imports from the Middle East producer jumped 37 percent from a year earlier to the highest level since July 2013, according to customs data. The world’s biggest crude exporter was the No. 1 supplier to the Asian nation, accounting for 17.4 percent of its overseas purchases, up from 15.1 percent in March. The next three largest sellers -- Russia, Iran and Angola -- lost market share.



Record imports by China are contributing to a recovery in benchmark oil from a six-year low amid speculation the purchases will help shrink the global supply glut that drove crude’s collapse in 2014. Saudi Arabia has led OPEC’s policy of maintaining production to defend its market share and force U.S. shale drillers to curb the highest American output in more than three decades."



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