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China Increases its’ Purchase of Oil From Kuwait

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Kuwait Oil Exports

 

 

 

 

 

 

 

 

 

Kuwait’s crude oil exports to China jump 11.9 percent

Kuwait’s crude oil exports to China in November jumped 11.9 percent from a year earlier to 1.07 million tons, equivalent to about 262,000 barrels per day (bpd), latest government data showed.

For the first 11 months of the year, Kuwait exported 278,000 bpd to the world’s second-largest oil consumer, up 42.5 percent on the year, according to data released by the General Administration of Customs.

China’s overall imports of crude oil in November grew 7.6 percent from a year earlier to 6.68 million bpd.

Russia overtook Saudi Arabia to secure the top spot for the first time in two months, with its shipments increasing 17.8 percent to 954,000 bpd, according to KUNA.

Imports from Saudi Arabia declined 8.6 percent to 891,000 bpd. Oman became third with imports from the country surging 25.4 percent to 633,000 bpd. Angola ranked fourth and Iraq fifth, respectively.

State-run Kuwait Petroleum Corporation (KPC) signed a 10-year crude supply deal with China’s top energy trader Unipec in August 2014, the biggest-ever sales contract in KPC’s history by volume and revenues in all regions.

Under the landmark agreement, KPC supplies Unipec 300,000 bpd of crude oil, with a strong possibility of increasing the volume to 400,000 bpd.

{Source: Emirates News Agency – WAM/tfaham}
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[photo credits: Lokantha at English Wikipedia [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons]

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