Saudi Aramco is set to deliver 34 million to 36 million barrels of April-loading crude to China, marking the lowest supply to the world’s largest oil importer in months, despite OPEC+ plans to increase production, News.Az reported, citing Bloomberg.
The projected April shipment is down from 41 million barrels in March, and if the final volume falls below 36 million, it would be the smallest since early last year, according to Bloomberg’s data.
Aramco’s sales to Asia, particularly China, are crucial for regional refiners, with the volume of long-term contract shipments directly affecting spot market purchases from other producers, including Iraq, the UAE, and West Africa.
The reason behind the decline in supply remains unclear, with speculation pointing to either reduced demand from Chinese buyers or a cut in output from Saudi Arabia.
The drop comes as OPEC+ prepares to begin gradual output increases next month, despite concerns over global energy demand due to the US-led trade war.
Meanwhile, three refiners outside China reported receiving their full requested volumes, and Aramco’s press office has not commented on the matter.
