Saudi's Oil Exports to China Soar

Saudi General Administration of Customs said that China's crude oil imports from the Kingdom surged 32.3 percent from 2010 to 1.17 million barrels per day (bpd) in November, according to Arab News.

The administration added that the amount also recorded an increase of 100,000 bpd from October's 1.07 million bpd, adding that the monthly rise represented nearly 17 percent of Saudi's extra oil output.

It also said that in the January-November period, China's imports of Saudi crude oil reached 995,033 bpd, with a rise of 13 percent from last year's same period, explaining that the surge in imports resulted from China's higher refinery output, in addition to the country's initiation of pumping oil into new reserve tanks.

It is worth noting that in November, Saudi Arabia boosted its oil output to more than 10 million bpd due to higher global demand.