The U.S. is quickly ramping up oil sales to China, the world’s biggest importer, forcing traditional suppliers in the Mideast to look for new markets or hold on to their crude in an already oversupplied world.

The U.S. accounted for 7% of Chinese crude imports through mid-September, according to London-based market intelligence firm Vortexa Ltd—up from 0.4% in January. Meanwhile, market share for Saudi Arabia, China’s biggest traditional supplier, fell to 15% from 19% in the same period. Based on recent tanker data, U.S. exports to China are expected to reach as much as 700,000 barrels a day at the end of October, forecasts Virginie Bahnik, a senior analyst at Geneva-based Petro-Logistics SA.

http://eandelmagazine.com/2020/10/06/u-s-boosts-crude-sales-to-china-forcing-saudis-to-find-other-markets/