JAKARTA – Crude oil shipments from Saudi Arabia reached their peak at 7.1 million barrels per day in October 2024, marking the highest level since mid-2023. This approximately 10 percent increase compared to September’s 6.46 million barrels per day represents the most significant supply expansion in an 18-month period.

According to information from the Joint Organizations Data Initiative (JODI) published in mid-December, this export volume increase coincided with an aggressive price-cutting strategy implemented by Saudi Aramco to maintain market dominance, particularly in the Asian region.

Based on BOE Report analysis, strong demand from China served as the main driver behind this export surge. The East Asian nation has consistently increased its import quota for Saudi crude oil.

The discount pricing strategy for Arab Light became a key attraction factor for Asian buyers, with prices reaching their lowest point in five years. Major refineries in China such as those operated by PetroChina, Rongsheng Petrochemical, and Shenghong Petrochemical are expected to receive approximately 1.6 million barrels per day of Saudi supply in January 2025.

Saudi Arabia took this step amid global market concerns about oil supply surplus, yet the Kingdom remains focused on maintaining its position as the primary energy supplier to the continuously developing Asian market.

Original Article:

Sindonews. (2025, December 21). Ekspor Minyak Mentah Arab Saudi Banjiri China, Cetak Rekor Tertinggi sejak 2023. Retrieved from https://ekbis.sindonews.com/read/1658363/33/ekspor-minyak-mentah-arab-saudi-banjiri-china-cetak-rekor-tertinggi-sejak-2023-1766275953