বিশেষ সংবাদ

বিশেষ সংবাদ

International

Saudi Arabia is ahead of Russia in oil market

International Desk: crude oil, the top buyer China, which meets the majority of the country's imports. That's why exporters of fuel products are waiting to take over China's fuel oil market. Russia and Saudi Arabia are also vying for the top spot in the market.

But last year, Saudi Arabia overtook Russia in the competition. In 2020, Saudi Arabia emerged as the top exporter of crude oil to the Chinese market. News Reuters and Economic Times.

The Chinese economy slowed down a lot last year due to the Corona epidemic. Demand for fuel oil declined as production and transportation sectors were closed or limited due to the lockdown. However, China has overcome this situation quickly. The country has revived its economy before the end of the year, as well as boosted demand for fuel oil. Following this, China imported a record amount of crude oil in 2020.

Relatively low prices in the international market have encouraged China to increase imports of the fuel product. According to a recent report by China's General Administration of Customs, Chinese importers imported a total of 542.4 million tonnes of crude oil from the international market in 2020.

As a daily, its average amount is 1 crore 8 lakh 50 thousand barrels. Imports of the fuel product to China have increased by 7.3 percent in one year. This is the record for most crude oil imports in China's history. In 2020, Saudi Arabia, the world's top exporter of fuel oil, exported a total of 84.92 million tonnes of crude oil to China.

Its average daily volume is 16 lakh 90 thousand barrels. Imports of fuel products from Saudi Arabia to China have increased by 1.9 percent in one year. At the same time, Chinese importers from Russia imported a total of 63.5 million tons of crude oil. Its average daily volume is 16 lakh 80 thousand barrels. Imports of fuel products from Russia to China have increased by 7.6 percent in one year.

Wang Tao, a commodities market analyst at Reuters, said the Chinese import market for fuel oil is large and sustainable. Naturally, the exporting countries and institutions are engaged in fierce competition to establish their position in this market. In the current turbulent situation in the Corona period, Saudi Arabia has reached a more advantageous position by overtaking Russia as an export partner in the Chinese market.

Meanwhile, China and the United States have been embroiled in controversy since 2020 over allegations of failure to start and control the Corona epidemic. It was not possible to completely pull the reins of the trade war between the two countries. China has imported a total of 196.7 million tonnes of crude oil from the United States in the outgoing year, despite ongoing disputes and trade wars. Its average daily volume is 3 lakh 94 thousand barrels.

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