Saudi crude exports to China set to hit 2-year high: Report

Oil barrels

Saudi Arabia's crude oil exports to China are set to rise to the highest in more than two years in August, Reuters reported, citing five trade sources.

Allocation data for Chinese refineries showed that Saudi Aramco will ship around 51 million barrels to China in August, equivalent to 1.65 million barrels per day (bpd).

Sinopec, China’s state-owned refining company, will receive increased crude volumes in August, the sources said.

This surge in supply to China comes after the OPEC+ alliance agreed to raise output by 548,000 bpd in August, easing previously implemented voluntary cuts.