Chinese Oil Buying From Saudi Arabia Surges, Likely at Africa’s Expense

Saudi Arabia is emerging as an increasingly important hub on China’s Belt and Road Initiative as Beijing turns to the Kingdom for an increasingly large share of its oil procurement. Last year, two-way trade surged 23% year-on-year to $78 billion, and even amid the pandemic, it’s expected to move even higher this year due to China’s large demand for Saudi oil.

China’s relatively newfound taste for Saudi Arabian oil is coming at Africa’s expense, given that Beijing appears to be moving quickly to diversify its sourcing of vital commodities with the goal of not becoming overly dependent on any single region for a particular commodity.

Consider that in 2008, China sourced a third of its oil from three African countries: Angola, Sudan and Republic of Congo. Ten years later that figure fell to just 18% from a single African country, Angola. Meantime, last year, Chinese oil buying in Saudi Arabia jumped by 47% and Riyadh is now regularly listed as one of China’s top three suppliers.

Read more about China-Saudi relations on the CGTN website.

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The post Chinese Oil Buying From Saudi Arabia Surges, Likely at Africa’s Expense appeared first on The China Africa Project.



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