China is the Top Buyer of Iranian and Saubi Arabian Oil

Reuters reported that China is in the process of purchasing a bulk of crude oil supplies from top oil from Saudi Arabia and Iran.

As quoted in the market news:

China is the top buyer of Iranian oil, taking around 20 percent of its total exports, but since January it has cut purchases by around 285,000 barrels per day (bpd), or just over half of the total daily amount it imported in 2011.

Click here to read the full Reuters report.