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FINANCIAL NEWS
Kuwait’s oil exports to China up 88.8 percent in November
24 Dec 2014
(MENAFN) According to the Chinese General Administration of Customs, Kuwait’s crude oil exports to China registered a surge by 88.8 percent in November compared with the same month last year, thus reaching 957.000 tons, which is equivalent to around 234,000 barrels per day (bpd), KUNA reported
The new released data indicate that the Kuwaiti share of Chinese crude oil imports during last month was 3.8 percent, compared to 2.2 percent during November of last year, while Kuwait’s oil exports during the January-November period of this year reached 195,000 bpd, increasing by 8.3 percent compared with 2013.
The increase in Kuwaiti oil exports to China happened after State-run Kuwait Petroleum Corporation (KPC) signed a deal with China’s top energy trader Unipec in September to supply 300.000 bpd of crude oil over the 10 years.
Meanwhile, China’s overall imports of crude oil in November registered an increase by 7.9 percent compared with 2013 to 25.41 million tons, or 6.21 million bpd, with Saudi maintaining its position as China’s top supplier despite a 5.9 percent decline in its shipments to 975.000 bpd, followed by Angola with 846,000 bpd, and then Russia, which imports increased 65.5 percent to 81.000 bpd, followed by Iraq and Oman as fourth and fifth, respectively.
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