Kuwait’s crude oil exports to China jumped 16.9 percent in July from a year earlier to a four-month high of 1.11 million tons, equivalent to around 262,000 barrels per day (bpd), latest government data showed.
Volume of Kuwaiti crude oil shipments to China marked the highest level since March, when it hit 1.25 million tons (295,000 bpd), according to the General Administration of Customs.
China’s overall imports of crude oil last month fell 9.0 percent from a year earlier to 23.76 million tons (5.62 million bpd).
Saudi Arabia remained the country’s top supplier, but its shipments plunged 28.9 percent to 886,000 bpd, followed by Angola with 666,000 bpd, down 18.3 percent. Iraq became third, with imports from the country surging 32.1 percent to 590,000 bpd. Russia ranked fourth and Iran fifth, respectively.
China is the world’s No. 2 oil consumer after the US. On Aug. 22, state-run Kuwait Petroleum Corporation (KPC) and China’s top energy trader Unipec signed a landmark deal that will significantly boost crude oil deliveries over the 10 years, the biggest-ever sales contract in KPC’s history by volume and revenues in all regions.
Under the agreement, KPC will supply Unipec 300,000 bpd of crude oil starting from this summer, with a strong possibility of increasing the volume to 400,000 bpd, KPC told Kuwait News Agency (KUNA) after the signing ceremony
Source : WAM News Agency for United Arab Emirates
