Saudi Arabia nabs new China oil demand, challenges Russia's top spot

Discussion in 'Gog / Magog' started by Almost Heaven, Nov 28, 2018.

  1. Almost Heaven

    Almost Heaven Well-Known Member

    SINGAPORE/BEIJING/DUBAI (Reuters) - Saudi Arabia is set to expand its market share in China this year for the first time since 2012, with demand stirred up by new Chinese refiners pushing the kingdom back into contention with Russia as top supplier to the world’s largest oil buyer.

    Saudi Arabia, the biggest global oil exporter, has been surpassed by Russia as top crude supplier to China the past two years as private “teapot” refiners and a new pipeline drove up demand for Russian oil.

    Now fresh demand from new refineries starting up in 2019 could increase China’s Saudi oil imports by between 300,000 barrels per day (bpd) and 700,000 bpd, nudging the OPEC kingpin back towards the top, analysts say.

    Saudi Aramco said last week it will sign five crude supply agreements that will take its 2019 contract totals with Chinese buyers to 1.67 million bpd.

    “With the recent crude oil supply agreements and potential increase of refinery capacity, the Saudis could overtake the Russians and reclaim (the) crown as the biggest crude exporter to China,” Rystad Energy analyst Paola Rodriguez-Masiu said.

    https://www.reuters.com/article/us-...and-challenges-russias-top-spot-idUSKCN1NX0Y8
     
  2. athenasius

    athenasius Well-Known Member

    I think Saudis are happy to fill that need. I'm interested in their sudden friendships. Saudi Arabia is partnering with China, an old enemy of Russia who is firming up a friendship with Iran--an old enemy of Arabia. Everyone is lining up their alliances before the big Gog Magog event, and this is preparing for some of the partnerships and alliances that may well be part of the Tribulation period. Those "kings of the east" that come in via a dried up Euphrates.

    Early days yet, but interesting to see the alliances beginning to firm up.
     
  3. anath

    anath I Love the Lord

    Just wanted to add that we are seeing Putin and bin Salman warming up quite nicely. At the summit last week, they greeted each other as fraternal brothers would.:rolleyes3
     
  4. athenasius

    athenasius Well-Known Member

    Yeah that felt a little weird didn't it? Considering how the Saudi's are trying to do something or other against Russian oil interests. I forget what it was, it was in our RF news stuff somewhere, but things happen so fast, and news is buried with more recent stuff.
     
    ShilohRose and cchomeschoolmom like this.
  5. DanLMP

    DanLMP Well-Known Member

    Putin appreciates strength. It doesn't mean he is not your enemy, it just means he won't overlook you.
     
  6. Watching and Waiting

    Watching and Waiting Well-Known Member

    OH well said, Athenasius. :) That is what I thought.
    Isn't this interesting, China has good reason to send their millions into the ME when the time is right, with this big fuel deal. It is exciting, bit like a roller coaster ride right now, one minute we are up thinking any minute, and the next we cannot believe the depravity.
     
    ShilohRose and cchomeschoolmom like this.
  7. athenasius

    athenasius Well-Known Member

    Boy I'm tired, last night when I was trying to answer in, it totally escaped me that the news article I was thinking of was the OP--here--in this thread. Sorry for the confusion. G's lab work early yesterday, more good news, it all caught up with me.
     
  8. DanLMP

    DanLMP Well-Known Member

    Hurray for good news!
     
    athenasius, anath and cchomeschoolmom like this.

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