Saudi Arabia's oil activities declined by 11.2% in the first quarter compared to the previous year. Additionally, China's oil imports were weaker than expected in May, with a significant drop in crude oil imports. The imports for May stood at 11.13 million barrels per day (bpd), down from 12.11 million bpd in May 2023. This decline in imports has been consistent for the first five months of the year. Furthermore, Saudi crude oil exports to China are projected to fall for the third consecutive month in July. The data was reported by Reuters and impacts $USO, $UCO, and $BNO.
#Saudi crude oil exports to #China to fall for 3rd straight month in July, sources say #OIL #OOTT
Saudi crude oil exports to China to fall for 3rd straight month in July, sources say #oott https://t.co/TpvDzWH0PZ
China's oil imports were weaker than expected in May, with declines in crude oil (negative for 1st 5 months of the year vs 2023); May was 11.13mn bpd vs 12.11mn bpd in May 2023 $USO $UCO $BNO Source: Reuters
China's oil imports were weaker than expected in May, with declines in crude oil (negative for 1st 5 months of the year vs 2023); May was 11.13mn bpd vs12.11mn bpd in May 2023 $USO $UCO $BNO Source: Reuters
🇸🇦🛢️ Saudi Arabia’s oil activities were down 11.2% in the first quarter versus the previous year. #OOTT https://t.co/rzQVCySJ2m