Sunday , September 23 2018

Kuwait’s crude oil exports to China hit record high

TOKYO, Oct 26 (KUNA) — Kuwait’s crude oil exports to China rose 8.6 percent in September from a year earlier to a record high of 1.90 million tons, equivalent to around 463,000 barrels per day (bpd), government data showed.

Volume of Kuwaiti crude oil shipments to China marked the highest level since state-run Kuwait Petroleum Corporation (KPC) opened its Beijing office in 2005, virtually the highest on record, according to figures released from the General Administration of Customs.

In the January-September period, Kuwait exported 12.70 million tons, or 340, 000 bpd, to the world’s second-largest oil consumer, up 17.3 percent on the year.

China’s overall imports of crude oil last month jumped 18.3 percent on the year to 8.08 million bpd, a record high on daily basis.

Angola was China’s top supplier, with its shipments surging 45.8 percent to 1.02 million bpd from a year earlier, followed by Iraq with 994,000 bpd, up 58. 4 percent.

Russia became third, but imports from the country fell 2.1 percent to 967, 000 bpd. Saudi Arabia ranked fourth and Oman fifth, respectively.

Demand from China’s local independent refineries, known as “teapot” refiners, has increased since the government began to allow them to import crude oil last year as part of its energy reforms.

Qualified local refineries are allowed to import crude oil if they cut backward capacity or install natural gas storage facilities.

These private refiners are with relatively small capacities, ranging from 20,000 bpd to 100,000 bpd.

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