Kuwait Boosts Crude Oil Exports to China

Kuwait Boosts Crude Oil Exports to China

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.

 

Mahinaz El-Baz 317 Posts

Mahinaz El Baz received her MSc degree in Foreign Trade Economics from Helwan University in 2016. She has two years of experience in journalism and four years of experiance in economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.

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