Saudi Arabia to halve crude oil exports to China in May

Summary

Saudi Arabia is expected to reduce crude oil shipments to China from 40 million barrels in April to 20 million barrels in May due to rising prices and supply constraints caused by regional conflicts. The Kingdom has increased the price of Arab Light crude to a record premium, further impacting sales. Additionally, the near-closure of the Strait of Hormuz has forced Saudi Arabia to seek alternative export routes.

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