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Breaking News: Due to Middle Eastern conflict disrupting oil transportation, Saudi Arabia's oil exports to China are expected to decrease by 50%.
According to Bloomberg, Saudi Arabia plans to export only 20 million barrels of crude oil to China next month, well below the approximately 40 million barrels quota in April.
This production cut is due to ongoing Middle Eastern warfare, which has effectively blocked the Strait of Hormuz. As a result of disrupted supply routes, Saudi Aramco has raised prices to a record high.
Currently, oil exports are rerouted through the Red Sea port of Yanbu, which has a throughput capacity of about 5 million barrels per day.
The talks between the United States and Iran held in Pakistan broke down over the weekend, and U.S. President Donald Trump threatened to block the Strait of Hormuz starting today. $BTC #Gate13周年Dr.Han公开信 #加密市场小幅下跌 #美军封锁霍尔木兹海峡