Currently, the world is accelerating the pace of vaccination, and the economies of various countries are gradually beginning to emerge from the haze of the epidemic and speeding up the recovery process. This has increased the demand for commodities such as oil, and has almost exhausted the remaining oil stocks. Although the Organization of the Petroleum Exporting Countries (OPEC) announced that it will increase production by 400,000 barrels per day starting in August this year, oil supply is still tight and oil prices remain high.
At this time, as the world’s largest oil producer, Saudi Arabia began to take the opportunity to “make money” gold”. On June 3 this year, Saudi Aramco announced that it would increase the price of exported oil starting from July this year. Among them, the price of light oil exported by the company to Asia increased by US$0.20 compared with June, and the price of medium crude oil Increased by 10 cents/barrel.
Market analysts believe that it is customary for Saudi Aramco to adjust its oil prices at the beginning of each month, but the magnitude of this adjustment far exceeded market expectations. You must know that Saudi Arabia is one of my country’s major oil importers. Statistics show that throughout last year, my country purchased a total of 84.92 million tons of oil from Saudi Arabia, equivalent to a daily import of 1.69 million barrels of oil.
However, Saudi Arabia significantly increased its oil export prices in July, which brought greater price pressure to Asian countries. my country did not want to be “taken advantage of” and began to fight back against Saudi Arabia’s oil price increase. Since my country has proposed the “double carbon” goal this year, my country’s oil, natural gas and other industries have gradually entered an era of high-quality development. The national energy structure is also dominated by green energy, and the demand for oil has declined. In addition, our country has also adjusted its oil import and export strategy.
The latest official statistics released by our country show that in July this year, our country purchased 6.69 million tons of crude oil from Saudi Arabia, which is equivalent to a daily import of 1.58 million barrels of oil, which is the same as in June this year. Compared with the oil import volume of 10,000 barrels per day, it fell by 10%. It is worth mentioning that my country’s oil imports in June plummeted by nearly 20% year-on-year. As a result, Saudi Arabia’s market share in China may further decline. </p
