News Column

Kuwait's crude oil exports to China jump 32.5 percent

June 24, 2014

BEIJING, June 24 (KUNA) -- Kuwait's crude oil exports to China jumped 32.5 percent in May from a year earlier to 774,000 tons, equivalent to around 183,000 barrels per day (bpd), latest government data showed.

Daily volume of Kuwaiti crude oil shipments to China saw the first increase in two months after declining to 135,000 bpd in April, according to the General Administration of Customs. In May, Kuwait was China's biggest supplier of naphtha, providing almost 60 percent of its total imports.

China's overall imports of crude oil last month grew 8.9 percent from a year earlier to 26.08 million tons (6.17 million bpd).

Saudi Arabia returned to the top spot, but its shipments fell 8.8 percent to 882,000 bpd, followed by Angola with 801,000 bpd, down 2.2 percent. Iran became third, with imports from the country surging 36.4 percent to 761,000 bpd. Russia ranked fourth and Iraq fifth, respectively.

China is the world's No. 2 oil consumer after the US. Earlier this year, the US Energy Information Administration (EIA) said it projects China is likely to surpass the US in net oil imports on an annual basis by 2014 as US oil production and Chinese oil demand "increase simultaneously." The Middle East remains China's largest source of crude oil imports, according to the EIA. (end)

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Source: Kuwait News Agency

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