Saudi Arabia lost to Russia the first place on oil supplies to China. The relevant information contains in the monthly report of the Organization of countries-exporters of oil (OPEC), released on Tuesday, July 12.
The document says that in may China increased its purchases of Russian oil by 65 thousand barrels per day. While supplies from Saudi Arabia fell by 40 thousand barrels per day. All in all, China consumed 7.6 million barrels per day.
Russia’s share in the Chinese oil market was 16 per cent, Saudi Arabia 13%, Iraq 11%.
July 12, Minister of energy of Saudi Arabia Khalid al-Faleh said that to achieve equilibrium in the energy market the price of oil should be above $ 50 per barrel.
A day earlier it was reported that OPEC countries, including the Kingdom, have increased oil production to its highest level since 2008. The cartel produces of 32.73 million barrels a day.
