What is the expected volume of Saudi crude oil shipments to China in July, and how does it compare to recent trends?

Saudi Aramco will ship about 12 million barrels of oil to China for July loading, equivalent to approximately 387,096 barrels per day — a volume described as remaining at 'record lows'. This reflects continued reluctance by Chinese refiners to import high-priced barrels, with Sinopec purchasing no Saudi crude for a second consecutive month and Rongsheng Petrochemical significantly reducing its purchases compared to pre-war levels.

Why are Chinese refiners reducing imports of Saudi crude despite Aramco's July price cut?

Although Saudi Aramco cut its July official selling prices to Asia by $6 per barrel, those prices remained 'much higher than pre-war levels', contributing to refining losses amid weak fuel demand; as a result, Chinese refiners have cut processing runs and drawn on domestic inventories instead of importing expensive Saudi crude — which is also comparatively pricier than Russian, West African, and Latin American grades, as well as Middle Eastern spot cargoes traded via ship-to-ship transfers.

Saudi July Crude Supply to China to Remain at Record Low

Jun 11, 2026

Saudi Arabia's crude oil shipments to China are projected to stay at record lows in July due to high prices and geopolitical tensions. Major refiners including Sinopec reduced purchases as refining margins weakened amidst elevated costs.

reuters

2026-06-11

Saudi July Crude Supply to China to Remain at Record Low

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China’s Waning Appetite for Oil Is Keeping Emissions in Check

Saudi July Crude Supply to China to Remain at Record Low

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