Angola became China’s largest crude supplier for the second time in September, taking the top position from Russia, Reuters reported.
China imported 4.19m tons of oil from Angola during September, averaging 1.02mb/d. This is a 45.8% increase when compared to import volumes for the same period in 2015 . Furthermore, China’s demand for Angolan oil, which is cheaper and considered to offer steady supply, is expected to accelerate in October as the refinery preservation period is over, informed Ecofin Agency.
According to accumulated year-to-date figures for September 2016, Angola was China’s third-largest supplier, with 34.39m tons, an average of 916,229b/, in imports for those nine months. Iraq came in second place, with 4.07m ton of oil imports, averaging 989,400b/d. Russia’s oil exports to China during the same period stood at about 962,620b/d. While, Saudi Arabia was China’s top oil supplier during the reported period with an average of 949,500b/d, down by 1.29% when compared to Saudi oil exports to China for the same period in 2015.
China imported record volumes of crude oil in September, eclipsing the United States as the world’s top buyer of foreign oil. This came as Beijing’s state reserves shipped in cheap crude to fill new storage tanks.