Russia Beats Out OPEC Competitors in Chinese Market – Again

Russia Beats Out OPEC Competitors in Chinese Market – Again

Russia maintained its position as the top crude oil exporter to China for the seventh month in a row, Reuters reports.

Angola and Saudi Arabia maintained their positions as China’s second and third largest suppliers, The National reports.

China imported close to 6.35 million tons of oil from Russia during the month of September, according to Reuters. Imports from Russia easily outstripped imports from its OPEC competitors. During the month of September, China purchased 4.677 million tons of crude from Angola and 4.276 tons from Saudi Arabia.

Russia has exported almost 45 million tons of crude to China this year, an 18% year-on-year (Y-o-Y) increase, Reuters reports. During the same time period, China imported 39.9 million tons of crude from Angola and 38.5 million tons from Saudi Arabia, according to The National.

Crude imports from all three countries were up from September 2016, according to Reuters. Russian exports were up 60.5%, Angolan exports rose 11.7%, and Saudi Arabian exports climbed 9.6%.

Lower prices and the lower-sulfur content of Russia fuel were contributing factors in the higher demand for Russian crude, Reuters reports.

All three countries are signatories to a production-cut agreement to reduce global supplies by 1.8 million barrels per day.

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