Literacy Technology

KUWAIT’S CRUDE OIL EXPORTS TO CHINA JUMP 65%

TOKYO, — Kuwait’s crude oil exports to China in August surged 65.0 percent from a year earlier to 1.47 million tons, equivalent to about 347,000 barrels per day (bpd), official data showed.

In the January-August period, Kuwait exported 325,000 bpd to the world’s second-largest oil consumer, up 19.0 percent on the year, according to data released by the General Administration of Customs.

China’s overall imports of crude oil in August rose 23.5 percent from a year earlier to a four-month high of 7.77 million bpd.

Russia overtook Angola to become China’s top supplier last month, with its shipments jumping 50.2 percent to 1.10 million bpd. It was the first time for Russia to hold the No.1 spot since May.

Saudi Arabia became second with 1.03 million bpd, up 11.6 percent, followed by Oman, with exports from the country growing 37.9 percent to 841,000 bpd. Angola ranked fourth and Iran fifth, respectively.

Demand from China’s local independent refineries, known as “teapot” refiners, has increased since the government began to allow them to import crude oil last year as part of its energy reforms.

Qualified local refineries are allowed to import crude oil if they cut backward capacity or install natural gas storage facilities. These private refiners are with relatively small capacities, ranging from 20,000 bpd to 100,000 bpd.

Source: Nam News Network