Saudi is cutting down its oil supplies to China, in what is a fresh reallocation of its crude supplies to customers worldwide amid the shifting distribution of Russian oil. According to anonymous sources with knowledge of the matter who were cited by Bloomberg and Reuters news agency yesterday, Saudi Aramco – the world's largest oil exporter – had notified at least four Chinese refiners that it will supply less than the contracted volumes of oil in the next few months. The reason for the decrease in supplies to the Chinese refineries is reportedly due to China's purchase and importing of Russian oil at a significant discount, as the Russian supply is being refused and cancelled by Western states over Moscow's […]
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