Over the last few months there has been couple of shifts. The production cap by OPEC has been holding up. The crude oil exports of Saudi Arabia has been declining but its processed products exports were going up. China made the shift from Saudi oil to Russian and even Angolan oil.
Sinopec To Slash Crude Imports From Saudi Arabia By 40%
Saudi Oil Exports To China Hit One-Year Low
UPDATE 1-Russia holds steady as China's largest crude supplier for 9th month
China’s Becomes World’s Next Top Oil Importer
China surpassed the United States as the world’s largest crude oil importer in 2017
CHINA: Crude oil imports – By country [2017]
In 2014 most of China's oil came from Saudi Arabia
(Source)
The price of oil dependency is shown below but I have seen numbers that can be almost 40$ different.
While back then, I did a simple math calculation and came up with $80 a barrel price on Saudi Oil. The article below support this number.
https://oilprice.com/Energy/Oil-Prices/Sources-Saudis-Admit-They-Want-70-Oil.html
But the question in my mind is how and why would Saudi Arabia ever sell the oil for cheaper? And when it does, where does the difference come from, income to expenditure?
It should not surprise anyone that the country that has been sitting on the single source of energy that is moving the world, is going broke and taking loans from the IMF.