Kuwait’s crude oil exports to China in the first five months of 2017 grew 5.6% from the same period of 2016 to be 326,000b/d. In May alone, Kuwait exported 318,000b/d to the world’s second largest oil consumer, down 7.4% on the year, according to Kuwait News Agency (KUNA).
Kuwaiti shipments of crude oil to China exceeded 300,000b/d levels for the third month in a row. While, China’s overall imports of crude oil in May 2017 grew 15.4% from a year earlier to be 8.8mb/d.
On an average daily basis, China shipped in 8.8mb/d during May. The total volume was modestly lower than March when crude imports set a record, reaching 38.95m tons, or 9.2mb/d, Hellenic Shipping News reported.
In May, Kuwait’s current account recorded its first deficit in 2016, on the back of a decline in export earnings. The balance on Kuwait’s current account fell from a surplus of 3.5% of GDP in 2015 to a deficit of 4.5% in 2016. The deficit was largely a result of a continued deterioration in the goods balance, as oil export earnings declined on weaker oil prices.