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Saudi Arabia's Oil Sales to CN May Halve in May: Wire
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As the Middle East war disrupted crude oil transportation and lifted oil prices, Saudi Arabia's crude oil sales to China are expected to be cut by half to about 20 million barrels in May, Bloomberg quoted sources as saying. The war in the Middle East has lasted for two months, with no signs of easing. The Strait of Hormuz remains effectively closed, forcing Saudi Arabia to export oil only via its Yanbu port in the Red Sea. However, Yanbu's crude oil export capacity is around 5 million barrels per day, far below Saudi Arabia's pre-war export volume of 7.2 million barrels per day. Auto-translated by AI AASTOCKS Financial News |
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