news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

According to a report by Guancha.com on June 12, as global oil prices are soaring, Saudi Aramco, the world's largest oil company, recently revealed that it will reduce its crude oil supply to China in July, and the crude oil supply to China in July will be lower than the contracted amount. Bloomberg, an American media, analyzed that due to the large amount of discounted Russian crude oil imported, Saudi Arabia's reduction in exports to China is a good thing for China. Saudi Arabia is China's largest source of imported oil. During this special period, Saudi Arabia's reduction in oil supply to China will help China adjust its oil import structure and increase crude oil imports from Russia. Saudi Arabia can also transfer the reduced share of oil exports to China to Japan, South Korea and the European Union, which are willing to pay higher prices. In this adjustment, China was able to meet its crude oil import demand at a lower price, Russia was able to stabilize its crude oil export market, and Saudi Arabia was able to obtain higher profits. China, Russia and Saudi Arabia achieved a win-win situation.

Judging from the price distribution of the crude oil market, international oil prices currently continue to maintain a high level of about US$120 per barrel. Affected by the Russia-Ukraine conflict and the comprehensive sanctions imposed by China, the United States and the West, Russian crude oil prices have dropped to US$78.8 per barrel, while Saudi Aramco has announced a price increase for crude oil. Russian crude oil has a price advantage, while Saudi crude oil has the advantage of not being subject to US hegemonic sanctions.

In this process, major oil-importing economies such as China, India, Japan, South Korea, and the European Union "each took what they needed". India became the largest importer of Russian crude oil in April, earning the price difference by "primary processing" Russian crude oil into Indian production and exporting it to the European Union. Japan, South Korea, and the European Union, which participated in the sanctions against Russian oil under the coercion of US hegemony, can meet their import needs at a price higher than the market price through the oil export volume "transferred at a high price" by Saudi Arabia.