The world’s largest crude oil exporter, Saudi Arabia, is betting big on the growing market for crude China, as Saudi oil giant Aramco is strengthening its downstream presence and crude supply market share in the world’s top importer.
Oil prices fell more than US$1 a barrel on Monday after Chinese officials on the weekend reiterated their commitment to a strict COVID containment approach, dashing hopes of an oil demand rebound at the world’s top crude importer.
The executive director of the International Energy Agency spoke of the current challenges facing global oil markets on Monday, highlighting the significant influence Chinese demand could have over the next few months.