Kuwait’s Crude Oil Exports to China Jump 49.8%

Kuwait’s crude oil exports to China jumped 49.8 percent in February from a year earlier to 962,000 tons, equivalent to around 243,000 barrels per day (bpd), for the third straight month of expansion, latest official data showed.
Kuwait provided 4.1 percent of China’s total crude oil imports, compared to a 3.2 percent share in the same month of last year and 4.0 percent in January, according to the Chinese General Administration of Customs.
China’s overall imports of crude oil in February rose 18.5 percent year-on-year to 5.98 million bpd. Saudi Arabia remained China’s top supplier with its shipments surging 38.6 percent from a year earlier to 1.39 million bpd, followed by Angola with 785, 000 bpd, up 17.3 percent.

Russia became third with imports from the country jumping 52.0 percent to 605,000 bpd. Iran, the fifth largest supplier for China, saw the 40.3 percent plunge to 290,000 bpd on the year.
Kuwaiti Minister of Oil Hani Hussein said in a press statement issued in Kuwait on March 6 that final endorsement on building a joint refinery in that country was attained from China.
The project, consists of a 300,000 bpd refinery and a 1 million ton-per-year ethylene cracker, is part of Kuwait’s aim of more than doubling crude exports to China to 500,000 bpd.