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Saudi Arabia maintains its position in China as the largest oil exporter

Saudi Arabia oil

Riyadh, (Business News Report) – Saudi Arabia has maintained its position in China’s oil supply in 2021, according to Chinese customs data.

Saudi Arabia’s oil supplies rose in 2021 by 3.1% compared to 2020, while it accounted for 17% of total Chinese imports.

According to data issued by the General Administration of Customs, China bought 87.58 million tons of crude from the Kingdom, equivalent to 1.75 million barrels per day.

This is up from 84.92 million tons in 2020, when Saudi Arabia took a 16% share of the Chinese market.

Increase in demand

According to Reuters, the increase in the market share of the largest oil exporter in the Organization of the Petroleum Exporting Countries (OPEC) came with the strengthening of sales to national refiners and an increase in demand from private refiners.

Russia came in second place, widening the gap with Saudi Arabia, as its supplies shrank 4.7 percent to 79.65 million tons, or 1.59 million barrels of oil per day, under the weight of reduced demand from independent Chinese refiners.

Iraq’s shipments ranked third and fell ten percent during the year to 54.13 million tons.

Brazil also fell to seventh place last year, from the fourth in 2020, and its supplies shrank 28 percent to 30.28 million tons, also due to the decline in demand from independent small companies.

Oman’s imports rose 18 percent and Malaysia 50 percent.

Today’s data showed that US supplies fell 42 percent to 11.47 million tons.

Debt instruments

In a separate context, Saudi debt instruments added $11.73 billion during 2021, bringing the total value to $131.41 billion.

Debt instruments, by the end of 2020, amounted to $119.67 billion, bringing its market value to $131.41 billion.

And dollar debt instruments (bonds and sukuk) for the Saudi government and local companies ended last year with capital gains that pushed them to outperform the emerging market bond index of the sovereign and non-sovereign categories.

Al-Eqtisadiah newspaper indicated that debt instruments added $11.73 billion to their nominal value during the past year.

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