Saudi Arabia's oil supplies to China in May could fall by about half to 20 million barrels compared to about 40 million barrels in April, Bloomberg reported, citing sources.
The decline is due to a significant increase in prices following Saudi Aramco's decision to raise export prices to record levels due to the conflict surrounding Iran and the effective closure of the Strait of Hormuz, the sources said.
Some supplies are being redirected through the Red Sea port of Yanbu, although its capacity is insufficient to offset previous export volumes, according to the report.
On April 11, Iran and the United States held several rounds of talks in Islamabad. As Tehran and Washington later announced, the parties failed to reach an agreement on a long-term solution to the conflict due to a number of disagreements. The details of a possible new round of talks remain unknown. On April 12, Trump announced that the navies of the United States and other countries would begin a blockade of the Strait of Hormuz.
