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Market Chatter: Saudi Oil Exports to China to Halve Amid Middle East Conflict

-- Saudi Arabia's crude exports to China are set to halve to around 20 million barrels in May, from 40 mmbbls in April, as shipping disruptions in the Strait of Hormuz limit flows and lift prices, Bloomberg reported Monday, citing sources.

Saudi Aramco recently raised its official selling prices for crude oil to new records. It is redirecting crude to Yanbu port in the Red Sea via the East-West pipeline to bypass the Strait. Yanbu Port's export capacity is about 5 million barrels per day.

Yanbu loadings were restricted to Arab Light grades, sources told the news agency.

Aramco declined to comment on' query.

The company was exporting 7.2 million barrels per day prior to the Middle East conflict.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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