China’s top oil supplier and the world’s largest oil exporter, Saudi Arabia, will be cutting its crude exports to the world’s top oil importer by at least 500,000 bpd in March because of a slump in refinery demand amid the coronavirus outbreak, Reuters reported on Thursday, citing sources familiar with the plans. China’s typical intake of Saudi crude oil is between 1.8 million bpd and 2 million bpd, according to Reuters’ sources. Last year, Saudi Arabia significantly raised its crude sales to the China, boosting its exports by 47 percent and beating Russia for the top Chinese supplier spot for the first time in four years. However, the coronavirus outbreak has significantly slowed fuel demand in China as the authorities imposed travel restrictions in an effort to quickly contain the outbreak. City lockdowns, domestic travel restrictions, and thousands of canceled flights to and from China have weighed on Chinese […]