BEIJING/SINGAPORE: Saudi Arabia, the world’s biggest oil exporter, beat Russia to keep its ranking as China’s top crude supplier in 2020, Chinese government data showed on Wednesday.
Oil demand in China, the world’s top oil importer, remained strong last year even as the coronavirus crisis hammered global appetite.
Chinese imports rose 7.3 percent to a record of 542.4 million tons or 10.85 million barrels per day (bpd).
Saudi shipments to China in 2020 rose 1.9 percent from a year earlier to 84.92 million tons, or about 1.69 million bpd, data from the General Administration of Chinese Customs showed.
Russia was a close second with shipments of 83.57 million tons, or 1.67 million bpd, up 7.6 percent from 2019, the data showed.
In December, Saudi supplies were 6.94 million tons, down 0.8 percent from the same month a year earlier, while Russian volumes fell 15.7 percent to 6.2 million tons.
China’s imports of US oil more than tripled in 2020 to 19.76 million tons, or 394,000 bpd, compared to a year earlier, as companies bought crude under a trade deal between Washington and Beijing.
Imports were 3.6 million tons in December.
China’s total purchases of major US energy products, including crude, liquefied natural gas, propane, butane and coal, were worth $9.784 billion in 2020, about 38.7 percent of the $25.3 billion target set out in the Phase 1 trade deal.
Saudi Arabia has played catch up as a supplier since November by cutting prices to woo customers, overtaking Russia, which had led for most of 2020 with more flexible transport options and geographical proximity to Chinese refiners.
US sanctions nearly choked off oil exports from Iran and Venezuela, while Iraq was the main beneficiary.
Iraq’s oil exports to China rose 16.1 percent to 60.12 million tons in 2020, making it China’s third largest oil supplier.
Cashing in on lower prices and with aggressive marketing to China’s independent refiners, Brazil expanded oil exports to China to become its fourth biggest supplier last year.
Brazil’s oil exports to China rose 5.1 percent to 42.19 million tons.
Saudi Arabia pips Russia to be China’s biggest oil supplier in 2020
https://arab.news/8nkbr
Saudi Arabia pips Russia to be China’s biggest oil supplier in 2020
- Oil demand in China, the world’s top oil importer, remained strong last year
- Saudi shipments to China in 2020 rose 1.9 percent from a year earlier to 84.92 million tons
Record $14.4bn rise in Saudi holdings of US Treasuries
RIYADH: Saudi Arabia increased its holdings of US Treasuries by 10.71 percent in November in what was the largest increase since data tracking began in 1974, according to the latest official data,
The Kingdom’s US Treasury portfolio stood at $148.8 billion in the month, up $14.4 billion from October.
Following the increase, Saudi Arabia moved up one place to 17th place among the largest foreign holders of US Treasuries.
Countries including Saudi Arabia invest in US Treasuries for their perceived safety, liquidity, diversification benefits, and alignment with economic ties to the US.
The Kingdom’s holdings were 17.25 percent higher in November compared with January 2025.
The allocation highlights Saudi Arabia’s preference for longer-dated US government debt as part of its foreign reserve strategy, focused on capital preservation, liquidity, and diversification amid global market volatility.
Saudi Arabia’s holdings included $106.8 billion in long-term securities, accounting for 72 percent of the total, while short-term holdings stood at $42 billion, or 28 percent.
Globally, Japan remained the largest foreign holder of US Treasury securities at $1.2 trillion, followed by the UK at $888.5 billion, mainland China at $682.6 billion, and Belgium at $481 billion.
Canada ranked fifth with holdings of $472.2 billion, followed by the Cayman Islands and Luxembourg in sixth and seventh positions, with portfolios valued at $427.4 billion and $425.6 billion, respectively.
France placed eighth with $376.1 billion, followed by Ireland at $340.3 billion and Taiwan at $312.5 billion.
Other countries included in the top 20 list include Switzerland, Singapore, Hong Kong, and Norway, as well as India and Brazil.
The trade relationship between Saudi Arabia and the US remains strong, with the Kingdom exporting SR5.20 billion ($1.39 billion) worth of non-oil goods in October, data from the General Authority of Statistics showed.
Speaking to Arab News in October, Nasser Saidi, founder and president of economic and financial advisory services firm Nasser Saidi & Associates and a former minister of economy and trade in Lebanon, said US Treasuries are a critical pillar of stability.
“Holding treasuries allows Saudi Arabia to meet its international payment obligations — finance imports, service external debt, portfolio, and capital flows — provide a buffer against oil revenue shocks, while also generating a steady, low-risk stream of income,” he said.
