Russia and Saudi Arabia compete to become China's biggest oil supplier

Russia and Saudi Arabia compete for China's attention

Saudi Arabia and Russia compete to become China's leading oil suppliers in 2020. Both countries have been increasing their oil exports lately, despite the ongoing coronavirus pandemic, which has dramatically affected the world demand on hydrocarbons.

Saudi Arabia, which was the main supplier to the Chinese market last year, exported from 1.6 to 1.7 million barrels of oil per day of oil from January to November 2020. Russia supplied about 1.7 million barrels to the People's Republic of China per day, and Iraq - 1.2 million barrels.

China is one of the few countries to have increased purchases this year as demand on fuel recovered in the second quarter along with the economy as a whole. Yet, experts admit that the race is still on, and the winner remains unknown.

China's crude oil exports went up nearly 190,000 barrels per day during the first 11 months of this year, compared to 2019, according to Reuters calculations. The PRC started buying oil and gas amid a sharp collapse in energy prices.

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