Complex Made Simple

Kuwait’s crude oil exports to China rise 6.1 per cent in March

Saudi Arabia was the top crude oil supplier to China.

Kuwait’s crude exports to China during March hit a three-month high to 313,000 barrels per day (BPD), according to official figures.

In March, Kuwait exported 1.32 million tonnes of crude oil to the world’s second-largest energy consumer, KUNA reports, citing figures released by the China General Administration of Customs.

Kuwait’s exports to China reached its highest in December when it recorded 408,000 BPD or 1.73 million tonnes.

In March, China’s overall crude oil imports surged by 14 per cent year-on-year to 6.34 million BPD.

Saudi Arabia was the top crude oil supplier to China with 957,000 BPD, up by 25.5 per cent.

Oman is another Gulf country that is among top suppliers of crude oil to China. It sent 808,000 BPD to China during March.

In August last year, the state-run Kuwait Petroleum Corporation struck a ten-year agreement with China’s top energy trader, Unipec.

The milestone agreement is considered the largest for the Kuwaiti company in terms of volume and revenue. Under the deal, Kuwait Petroleum Corporation supplies Unipec with 300,000 barrels of crude oil a day and can be increased to 400,000 BPD.