Saudi Arabia maintained its spot as China’s top oil supplier in February 2017, two months into the first OPEC output cuts in almost a decade, despite a near 13% fall in shipments from 2016, Reuters reported.
China imported 4.77m tons of crude oil from the kingdom, or about 1.24mb/d, Energy World informed, citing data from the Chinese General Administration of Customs.
Russia remained as China’s second-biggest supplier with shipments of 4.29m tons, or 1.12mb/d, a gain of 4.5% on a year earlier.
Angola, a member of the Petroleum Exporting Countries (OPEC), ranked in third with supplies falling 32% to a daily rate of just under 850,000b/d, the data showed.
In 2016, OPEC countries had agreed on curbing its output by about 1.2mb/d starting from January 2017 for six months, the first reduction in eight years. They had leveraged those cuts to bring some key non-OPEC producers on board, including Russia
Russia and other ten non-OPEC producers agreed to cut half as much.