China’s Imports Of Saudi Oil Set To Soar Despite Production Cuts

China is set to import 40% more crude from Saudi Arabia under term contracts in September despite the unilateral production cut of 1 million barrels per day (bpd) of the world’s top crude oil exporter, traders told Bloomberg on Friday.   Chinese refiners are estimated to receive as much as 52 million barrels of crude oil cargoes next month, compared to about 37 million barrels set to arrive in August, the traders participating in the market told Bloomberg. The significant increase will come from the start of a new supply contract…