China's oil imports from Saudi Arabia are surging, helping the world's top crude exporter notch its best month since 2020

Saudi Arabia is on the verge of reaching its highest level of total exports since April 2020 as a result of China's surge in crude imports.

Total observed Saudi shipments are 7.7 million barrels a day, up from a revised 6.6 million barrels a day last month. The shorter time span leaves room for adjustment in these numbers.

Saudi Arabia would hit its highest export mark since April 2020. China has increased its crude flows to the highest levels since April as COVID-19 lockdowns began to ease. In July, China is on track to import almost two million barrels of oil a day.

Saudi Arabia's crude shipments to top customers have not changed. Analysts expect exports to the US to recover as some of the final destinations have yet to be determined.

Saudi Arabia more than doubled its imports of Russian fuel oil in the second quarter in order to free up its own crude for exports.

Russia is increasing its oil output for a third month in a row, even as its deliveries to China and India fall off. According to a separate report, rising domestic demand is offsetting waning exports.