Beijing Turns to Riyadh: Saudi Oil Floods In as Russia’s Exports Falter Under Sanctions

China’s crude oil imports from Saudi Arabia surged in November as Beijing moved to replace purchases of Russian barrels amid tightening Western sanctions, Reuters reported on November 13

According to commodity analyst Kpler, Saudi crude shipments to China rose to around 1.78 million barrels per day (bpd) in November, up from 1.20 million bpd in October. At the same time, Chinese seaborne imports of Russian oil dropped to about 926,000 bpd from 1.45 million bpd.

Saudi Aramco lowered its official selling price for its benchmark Arab Light grade to a premium of $1 per barrel over Oman/Dubai for December-loading cargoes—the lowest since early 2024.

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The modest cut does not reflect a sharp strategy to gain market share, analysts say, but positions Aramco to remain competitive if Chinese and Indian refiners shift away from Russian crude, according to Reuters.

India remains a major buyer of Russian oil, expecting around 2.26 million bpd in November—up from 1.70 million bpd in October—although Indian refiners have indicated they may reduce Russian purchases starting December. As uncertainty grows over Russian crude flow, Saudi Arabia is poised to fill potential gaps by offering its oil at competitive pricing, Reuters stated.

Previously, it was reported that global oil tankers are now holding close to 1 billion barrels of crude, a record buildup driven largely by supplies from sanctioned producers.

Since late August, floating oil voumes have surged by about 40%, and analysts say nearly all of that increase comes from Russia, Iran, Venezuela, or crude listed with no clear origin.

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