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Kuwait becomes China’s No.1 LPG supplier World crude oil reserves rose to 1.67 trln barrels in 2012

BEIJING, June 27, (KUNA): Kuwait became China’s No.1 supplier of liquefied petroleum gas (LPG) in May, accounting for almost half of the Asian nation’s total LPG imports, the latest government data showed. Kuwait’s LPG exports to China surged 61.0 percent from a year earlier to 159,000 tons last month, followed by Saudi Arabia and Qatar, according to the General Administration of Customs. Kuwaiti share of Chinese LPG imports reached 43.9 percent. Meanwhile, Kuwait’s crude oil exports to the world’s second-biggest energy market slid 43.7 percent in May on the year to 584,000 tons, equivalent to around 138,000 barrels per day (bpd). China’s overall imports of crude fell 6.0 percent from a year earlier to 5. 66 million bpd.

Saudi Arabia remained China’s top supplier, although its shipments went down 6.8 percent year-on-year to 967,000 bpd, followed by Angola with 819,000 bpd, down 11.9 percent. Iran became third with imports from the country growing 6.4 percent to 558,000 bpd. Price of Kuwaiti crude oil was down 13 cents reaching $98.50 per barrel (pb) on Wednesday compared to $98.63 pb the day before, Kuwait Petroleum Corporation (KPC) said on Thursday. Price of the crude worldwide have been falling due to jitters emanating from demand decrease in China and the United States. The Brent crude forwards dropped $1.24 pb to $100.91 pb. In New York’s market, forwards of the light American crude fell by $1.45 to $93. 69 pb.

A pecialized economic report said that crude oil reserves in the world rose to about 1.67 trillion barrels in 2012, saying that rising oil prices have stimulated the international oil companies to expand their explorations. The report, issued by the Diplomatic Center for Strategic Studies, announced today that rising prices have stimulated companies to expand their explorations especially in remote areas, deep seas and oceans which were hard to explore in the past years. It pointed out that the development of technology in the fields of exploration, drilling and pipeline construction contributed to enable international companies to overcome the obstacles in those areas and to benefit from the oil wealth.

It said that the Middle East region occupied 48.4 percent of those reserves of energy resources which play a pivotal role in the development of modern industries and promote tracks the global economy, indicating that the contribution of the Middle East countries in oil reserves declined from 56.1 percent in 2002 to 48.4 percent in 2012. I pointed out that the contribution of countries of South and Central America increased for the same period from 7.6 percent to 19.7 percent due to higher reserves of Venezuela to about 296 billion barrels, pointing to the doubts raised by the statistical bodies on the figures provided by Venezuela during the past three years.




 

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