China Feasts on Record #Saudi Crude Imports as Sanctions Hit Iran - Bloomberg

China Feasts on Record Saudi Crude Imports as Sanctions Hit Iran - Bloomberg:

China has tapped Saudi Arabia for a record volume of crude as the world’s biggest exporter plugs a shortage from sanctions-hit Iran.

Asia’s biggest buyer shipped 7.72 million metric tons of crude, or 1.89 million barrels a day, from Saudi Arabia last month, according to data from China’s General Administration of Customs. Shipments from the OPEC producer made up almost a fifth of its total oil purchases in June and was 64% higher than the previous month. Imports from Iran fell to the lowest since May 2010.