Kuwait More Than Doubles Crude Oil Exports To China

Kuwait’s crude oil exports to China soared 110.5 percent in July from a year earlier to 1.10 million tons, equivalent to around 261,000 barrels per day (bpd), Chinese government data showed.

Kuwaiti share of China’s crude oil imports was 5.1 percent last month, compared to 2.7 percent in July 2011 and 2.5 percent in June, according to data released from the General Administration of Customs.

Kuwait’s exports to China in the first seven months of the year totaled 6.

52 million tons (225,000 bpd), almost doubled from the same period of last year.

China’s overall imports of crude oil in July rose 5.6 percent year-on-year to 5.16 million bpd. Saudi Arabia remained its top supplier with its shipments growing 9.9 percent from a year earlier to 1.07 million bpd, followed by Angola with 819,000 bpd, up 35.1 percent. Iran became third, although imports from the country plunged 29.8 percent to 457,000 bpd.

China, Iran’s biggest oil importer, has said that its oil imports from Iran are fully reasonable and legitimate, opposing US financial sanctions against Iran. US has exempted China from financial sanctions, citing its efforts to sharply reduce oil purchases from the Middle Eastern country.

Zawya