Saudi Arabia decides to stop oil supplies to China
The Saudi national oil company, Saudi Aramco, decided to cut off crude oil supplies to China in July 2022 amid increased imports by Chinese oil companies of Russian fuel.
Reuters, citing sources, indicated that Saudi Aramco had notified at least five Asian oil refineries, mostly Chinese, that it would supply less crude oil in July.
The decline is due to the fact that recently, China began to buy oil from Russia at a significant discount compared to other countries.
There is also strong demand for oil from Saudi Arabia around the world. Therefore, the supply of Saudi oil in the market is now limited.
On June 10, the Japanese newspaper Nihon Keizai wrote that the effectiveness of Western sanctions against Russia is declining due to increased purchases by China and India of Russian energy resources.
