KUWAIT CITY: Kuwait’s crude oil exports to China in the first nine months of this year edged down 1.2 percent from the same period of 2016 to 336,000 barrels per day (bpd), Chinese government data showed on Thursday.
In September alone, Kuwait exported 362,000 bpd to the world’s second-largest oil consumer, down 22.0 percent on the year, according to the General Administration of Customs. Kuwaiti shipments of crude oil to China exceeded 300,000 bpd level for the seventh consecutive month. China’s overall imports of crude oil last month rose 11.9 percent from a year earlier to 9.05 million bpd.
Russia was China’s top supplier, with its shipments surging 60.5 percent to 1.55 million bpd from a year earlier, followed by Angola with 1.14 million bpd, up 11.6 percent. Saudi Arabia became third, up 9.6 percent to 1.05 million bpd. Iran ranked fourth and Iraq fifth, respectively.
Demand from China’s local independent refineries, known as “teapot” refiners, has increased since the government began to allow them to import crude oil in 2016 as part of its energy reforms.
Qualified local refineries are allowed to import crude oil if they cut backward capacity or install natural gas storage facilities. These private refiners are with relatively small capacities, ranging from 20,000 bpd to 100,000 bpd.
