Saudi Oil Market Share in China Set for Rebound

The market share of Saudi Arabian crude in China is set to rebound next month, according to unnamed trade sources cited by Reuters earlier today. Saudi crude oil exports to China have been on the decline for four consecutive months, the report noted, adding some traders expected this to change in August, with imports from the kingdom rising for the first time since May. In July, Saudi oil exports to China totaled 36 million barrels, which comes in at a little over 1 million bpd, Reuters also reported, citing shipping data from Kpler.…