Middle Eastern oil producers now account for 48.3% of China’s oil buys in the first half of the year, according to the latest Chinese customs data. Saudi Arabia is the top provider, with 16.8% of the market in H1 2021, followed by Russia with 15.3%.
Although overall oil imports fell slightly in the first half of the year, Beijing’s reliance on Mideast crude increased compared to 2020. Analysts say they expect this trend to continue through the second half of the year as China reduces buys from Brazil and Angola among others.
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