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FINANCIAL NEWS
Kuwait’s crude oil exports to China soar 170%
25 Nov 2010
(MENAFN) Kuwait’s crude oil exports to China surged 170.2 percent in October from a year earlier to 839,000 tons, equivalent to around 199,000 barrels per day (bpd), for the five consecutive month of gain, Kuna reported.
Kuwait provided 5.1 percent of China’s total crude oil imports, compared with 1.6 percent in the same month of last year and 3.6 percent in September, according to the General Administration of Customs.
Kuwait’s exports in the first 10 months of 2010 totaled 8.34 million tons (201,000 bpd), up 40.2 percent from the same period last year.
China’s overall imports of crude oil in October fell 15.3 percent year-on-year to 3.88 million bpd.
China is the world’s second-largest oil consumer after the US. Saudi Arabia remained China’s top supplier with its shipments edging up 1.4 percent from a year earlier to 916,000 bpd, followed by Angola with 412,000 bpd, up 54.5 percent. Iran became third, with imports from the country increasing 4.9 percent to 409,000 bpd.
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