Saudi Oil Exports to China Set for Third Monthly Decline

According to the report, shipments of Saudi oil to Chinese buyers in July will come in at some 36 million barrels, down from 39 million barrels in June, which was in turn a decline on the 45 million barrels Saudi exported to China in May. The lower purchases will be driven by refinery maintenance and cheaper alternatives to Saudi crude. The news about lower expected Saudi oil shipments to China comes after the Kingdom said it would cut its official selling price for Asia for July deliveries. The cut amounted to $0.50 per…