TOKYO, April 22, (KUNA): Kuwait’s crude oil exports to China in March hit a three-month high of 1.72 million tons, equivalent to 409,000 barrels per day (bpd), up 30.6 percent from a year earlier, official data showed.
The figure was the highest since December 2015, when Kuwait’s crude shipments to the world’s second-biggest energy consumer reached 1.75 million tons (414,000 bpd), according to the General Administration of Customs.
China’s overall imports of crude oil in March rose 21.6 percent from a year earlier to 7.71 million bpd. Russia overtook Saudi Arabia to secure the top spot, as its shipments soared 57.7 percent to 1.1 million bpd, while those from Saudi Arabia declined 1.7 percent to 941,000 bpd. Angola became third, up 3.8 percent to 856,000 bpd. Iraq ranked fourth and Iran fifth, respectively.
Despite economic slowdown, China remains a major oil importer and consumer.
Trade volume between Russia and Kuwait increased eight-folds to amount to $500 million last year, Russian Minister for the Development of the Russian Far East Alexander Galushka said on Friday.
His remark was made during the fifth Kuwaiti-Russian committee that discussed joint cooperation in economy, trade, science and technicals, which he described as an “important event.” Galushka lauded the rapid development of bilateral ties in trade and parised the existing cooperation between Russian Direct Investment Fund and Kuwait Investment Authority.
According to recent studies on Russian companies interested in investing in Kuwait, he pointed out that investment volume might rev up to the billions.