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
Gulf-EU value chain integration signals shift toward long-term economic partnership: GCC secretary general
RIYADH: Value chains between the Gulf and Europe are poised to become deeper and more resilient as economic ties shift beyond traditional trade toward long-term industrial and investment integration, according to the secretary general of the Gulf Cooperation Council.
Speaking on the sidelines of the World Governments Summit 2026 in Dubai, Jasem Al-Budaiwi said Gulf-European economic relations are shifting from simple commodity trade toward the joint development of sustainable value chains, reflecting a more strategic and lasting partnership.
His remarks were made during a dialogue session titled “The next investment and trade race,” held with Luigi Di Maio, the EU’s special representative for external affairs.
Al-Budaiwi said relations between the GCC and the EU are among the bloc’s most established partnerships, built on decades of institutional collaboration that began with the signing of the 1988 cooperation agreement.
He noted that the deal laid a solid foundation for political and economic dialogue and opened broad avenues for collaboration in trade, investment, and energy, as well as development and education.
The secretary general added that the partnership has undergone a qualitative shift in recent years, particularly following the adoption of the joint action program for the 2022–2027 period and the convening of the Gulf–European summit in Brussels.
Subsequent ministerial meetings, he said, have focused on implementing agreed outcomes, enhancing trade and investment cooperation, improving market access, and supporting supply chains and sustainable development.
According to Al-Budaiwi, merchandise trade between the two sides has reached around $197 billion, positioning the EU as one of the GCC’s most important trading partners.
He also pointed to the continued growth of European foreign direct investment into Gulf countries, which he said reflects the depth of economic interdependence and rising confidence in the Gulf business environment.
Looking ahead, Al-Budaiwi emphasized that the economic transformation across GCC states, driven by ambitious national visions, is creating broad opportunities for expanded cooperation with Europe.
He highlighted clean energy, green hydrogen, and digital transformation, as well as artificial intelligence, smart infrastructure, and cybersecurity, as priority areas for future partnership.
He added that the success of Gulf-European cooperation should not be measured solely by trade volumes or investment flows, but by its ability to evolve into an integrated model based on trust, risk-sharing, and the joint creation of economic value, contributing to stability and growth in the global economy.
GCC–EU plans to build shared value chains look well-timed as trade policy volatility rises.
In recent weeks, Washington’s renewed push over Greenland has been tied to tariff threats against European countries, prompting the EU to keep a €93 billion ($109.7 billion) retaliation package on standby.
At the same time, tighter US sanctions on Iran are increasing compliance risks for energy and shipping-related finance. Meanwhile, the World Trade Organization and UNCTAD warn that higher tariffs and ongoing uncertainty could weaken trade and investment across both regions in 2026.
