Saudi Arabia to Boost Oil Sales to China Next Year

Source: China's General Administration of Customs via S&P Global

Saudi Arabia is preparing to increase oil shipments to China in 2024 to meet growing demand from a crop of new refineries that will come online next year, according to S&P Global Commodity Insights.

While Russian sales are expected to remain strong next year, watch for Saudi Arabia to increase its market share in China thanks to massive new investments in the Asian country’s downstream petrochemicals industry that were announced earlier this year.

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

OR

Already a subscriber? Log in Click Here to Learn More
by Eric Olander

Most Read

1
Developing Countries’ Debt Servicing Costs to China Are Significant, but Nowhere Near as Much as Other Creditors
2 Chinese Military Fans Discuss Why Indonesia Bought Rafale Instead of J-10C
3
China, U.S. Ink Rare Earth Deal; More Trade Pacts Coming
4
Chinese-Moroccan Joint Venture Inaugurates EV Battery Parts Plant
5
Six Million Donkeys Slaughtered for Chinese Medicine: Charity
6
Rubio to Welcome Asian ‘Quad’ Back to Washington

You Might Like

Russia Knocks Saudi Arabia From Top Spot as China’s Leading Oil Supplier

Russia overtook Saudi Arabia in the first two months of the year as China’s largest oil supplier, with purchases surging 24% compared to the same time last year, according to new Chinese customs ...

China Imported a Record Amount of Oil Last Year

China broke its all-time record for oil imports last year, averaging 11.3 million barrels a day — 10% more than in 2022, according to new Chinese Customs data. Almost 20% of that volume ...

China-Saudi Trade is Booming… And Not Just Because of Oil

The obvious reason for Xi Jinping’s trip to Saudi Arabia is to foster closer ties with one of China’s largest oil suppliers (Russia and Saudi Arabia have been battling for the top spot ...

More Evidence of China’s Diminishing Appetite for African Oil

It wasn’t that long ago when China sourced a third of its imported oil from three African suppliers that included Angola. Today that figure is down to just 10% and appears to be ...

What is The China-Global South Project?

Independent

The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.

News

A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.

Analysis

Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.

Networking

A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.

More about CGSP