Guan Cha Zhe Wang·2025-07-11 07:59Group 1 - Saudi Arabia's crude oil exports to China are set to reach their highest level in over two years in August, with approximately 51 million barrels being shipped, averaging 1.65 million barrels per day, marking an increase of 4 million barrels from July [1] - Chinese refiners, particularly Sinopec, are expected to receive more crude oil in August as they ramp up processing capacity following maintenance work in the second quarter [1] - Saudi Arabia has raised the price of crude oil for Asian and European buyers by over $1 per barrel, driven by anticipated domestic demand and potential growth in Chinese oil consumption [1] Group 2 - China has not purchased any U.S. crude oil for three consecutive months, the longest period of "zero purchases" since 2018, leading to a significant drop in U.S. crude oil exports to their lowest level in two years [2][4] - U.S. shale oil producers are facing challenges as they rely on overseas exports to maintain operations and avoid oversupply in the domestic market, compounded by WTI prices falling below $70 per barrel [5] - The competition in the global oil market is intensifying as OPEC and its allies plan to restore production, while Saudi Arabia aims to regain market share from U.S. shale producers [5]