Saudi Arabia Remains as China’s Biggest Oil Supplier

Saudi Arabia Remains as China’s Biggest Oil Supplier

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.

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