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Sources say that the Saudi oil exports to China will fall by about 40 million barrels to China in November.

Sources with knowledge of this matter stated on Friday that Saudi Arabia's crude exports to China will fall to 40 million barrels in November as refiners switch to cheaper spot supplies from other Middle East producers.

This would be a drop from the 51 million barrels expected to be exported by the top oil exporter in October.

Saudi Aramco, the state-owned oil company, left its official November price for its flagship Arab Light crude in Asia unchanged, despite market expectations that it would increase. This was a day after OPEC+ had agreed to a modest rise in oil production.

Data shows that the price of Middle East crude benchmarks Dubai & Oman is currently more than $1 lower than its average last month. This makes spot cargoes for Chinese buyers more appealing than long-term supplies, sources say.

Middle East crude production is expected to increase as the Organization of Petroleum Exporting Countries (OPEC+) and its allies, also known as OPEC, continue to expand.

Decided on Sunday

Increase oil production by 137,000 barrels a day (bpd).

The group is cautious and continues to be concerned about the potential for an oversupply on the market.

(source: Reuters)