Saudi Oil Exports to China Will Surge in May

Crude oil exports from Saudi Arabia to China are expected to increase substantially next month, thanks to the sizable price cut by the Saudis, Reuters reported today, citing unnamed sources. Volume allocations to Chinese refiners reveal that Saudi exports in May will rise to 48 million barrels from the 35.5 million barrels scheduled for delivery this month. Saudi Arabia cut the official selling prices for its oil sharply ahead of a production boost set for next month. The sharpest cut was made for the price of oil sold in Asia, with flagship Arab…