China imported 1.39 million barrels of oil from Saudi Arabia, exceeding the figure in the previous period last year by 38.6%, RIA Novosti reports.
China reduced oil imports from Iran in February by 40% to 288.576 barrels daily. Imports in January increased by 41% to 490,727 barrels daily.
Sinopec, the largest oil refining company of China, halved imports of Iranian oil in Q1. Unipec, a trade branch of Sinopec, will reduce purchases of Iranian oil by 10-20%, according to a contract of 2012.
Bloomberg said that Saudi Arabian petroleum minister announced an increase in oil production by 25%. The country normally produces 2.5 million barrels daily. Saudi Arabia increased oil extraction by 0.6% to 9.87 million barrels daily in January.
