Kuwait's crude oil exports to China nearly double

GMT 09:02 2014 Wednesday ,24 December

Arab Today, arab today Kuwait's crude oil exports to China nearly double

Kuwait's crude oil
Tokyo - KUNA

Kuwait's crude oil exports to China jumped 88.8 percent in November from a year earlier to 957,000 tons, equivalent to around 234,000 barrels per day (bpd), latest Chinese government data showed.
Kuwaiti share of Chinese crude oil imports last month was 3.8 percent, compared to 2.2 percent the year before, according to the Chinese General Administration of Customs. In the January-November period, Kuwait exported 195,000 bpd to the world's second-largest oil consumer, up 8.3 percent on the year.
State-run Kuwait Petroleum Corporation (KPC) signed a landmark deal with China's top energy trader Unipec in September to supply 300,000 bpd of crude oil over the 10 years. It was the biggest-ever crude oil sales contract in KPC's history by volume and revenues, according to KPC.
China's overall imports of crude oil in November increased 7.9 percent from a year earlier to 25.41 million tons, or 6.21 million bpd. Saudi Arabia remained China's top supplier, but its shipments declined 5.9 percent to 975,000 bpd from a year earlier, followed by Angola with 846,000 bpd, up 60.5 percent. Russia became third, with imports from the country jumping 65.5 percent to 810,000 bpd. Iraq ranked fourth and Oman fifth, respectively.


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