Kuwait's crude oil exports to China hits record high

Kuwait, 27th January, 2016 (WAM) — Kuwait’s crude oil exports to China grew 1.4 percent in December from a year earlier to record high of 1.75 million tons, equivalent to around 414,000 barrels per day (bpd), government data showed.

Kuwaiti crude oil shipments to China marked the biggest volume 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. Kuwait’s exports to China in the full year 2015 totaled 14.43 million tons (290,000 bpd), up 35.9 percent on the year, Kuwaut News Agency, KUNA, reported citing official figures.

KPC signed a 10-year landmark crude supply agreement with China’s top energy trader Unipec in August 2014, which enables KPC to provide it with 300,000 bpd of crude oil, with a possibility of increasing the volume to 400,000 bpd.

China’s overall imports of crude oil last month rose 9.3 percent on the year to 33.19 million (7.85 million bpd), a record high amid declining oil prices. Russia remained China’s top supplier, with its shipments jumping 29.3 percent to 1.14 million bpd, followed by Saudi Arabia with 1.06 million bpd, down 1.2 percent. Angola became third, falling 13.3 percent to 789,000 bpd. Iraq ranked fourth and Oman fifth, respectively.

WAM/tfaham

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