Saudi Arabia is about to send more oil to China, even though it's slashed crude supply levels

• China's oil imports from Saudi Arabia are set to rise by 40% next month, according to Bloomberg.
• That's after Chinese refiner Rongsheng Petrochemical brokered a new deal with Aramco.
• The increased flows come despite Saudi Arabia cutting overall crude supply levels in a bid to drive up prices.

Saudi Arabia is set to start sending 40% more oil to China, even though it is bringing in production cuts in a bid to drive up prices and boost its own revenues.