NEW YORK, April 13. /TASS/. Saudi Arabia’s oil supplies to China in May could fall by about half to 20 mln barrels compared to about 40 mln in April, Bloomberg reported, citing sources.
The decline is due to a sharp rise in prices following Saudi Aramco’s decision to raise export prices to record levels amid the conflict surrounding Iran and the effective closure of the Strait of Hormuz, sources said. Some supplies are being rerouted through the Red Sea port of Yanbu, though its capacity is insufficient to compensate for 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 announced later, the parties failed to reach an agreement on a long-term settlement to the conflict due to a number of differences. Details of a possible new round of talks remain unknown. On April 12, Trump announced that the US and other countries’ navies would begin a blockade of the Strait of Hormuz.