Kuwaiti governmental data indicated that the country’s exports of crude oil to China in February 2017 increased by 16.5% from February 2016, on daily basis to 1.07m tons, equivalent to around 281,000b/d, KUNA reported.
As informed by MENAFN, the General Administration of Customs announced that in January and February 2017, Kuwait exported 266,000b/d of oil to China.
Meanwhile, China’s total crude oil imports grew in February by 3.5% year-on-year on daily basis to be 8.32mb/d, which is the second-highest level on record.
China’s largest oil imports were from Saudi Arabia, which supplied the Asian country by 25mb/d. Russia comes as second biggest supplier, with exports reaching 1.12mb/d, and Angola in third with 853,000b/d.
This comes as China decided in 2016 to increase its crude oil imports in order to attract more private capital to the oil and gas sector.
In related news, Kuwait wanted the Organization of Petroleum Exporting Countries (OPEC) to extend output cuts beyond June, becoming the producer group’s first member to call for more time to balance the global oil market.