Kuwait's crude oil exports to China hits 6-month high

Kuwait's crude oil exports to China in July hit a six-month high of 946,000 tons, equivalent to around 224,000 barrels per day (bpd), up 52.2 percent from the previous month, latest government data showed. The figure was the highest since January, when Kuwait's crude shipments to the world's second-biggest energy consumer reached 1.09 million tons (258,000 bpd), according to the General Administration of Customs. The shipments fell 14.2 percent on the year. China's overall imports of crude oil in July rose 19.6 percent from a year earlier to a record high of 6.18 million bpd. Saudi Arabia remained country's top supplier, with its shipments growing 16.1 percent to 1.25 million bpd, followed by Angola with 814,000 bpd, down 0.5 percent. Oman became third, with exports from the country surging 97.7 percent to 780,000 bpd. China will surpass the US as the biggest crude oil importer by 2017 as its economy continues to grow and as Chinese drivers push up demand for fuel, the state-run China Daily reported last week, citing global energy consultancy Wood Mackenzie. According to the report, from 2005 to 2020, the amount of oil from the Organization of the Petroleum Exporting Countries (OPEC) that China will import is expected to rise from 52 percent to 66 percent within that timeframe, the report said. Comparatively, for the US, OPEC crude will fall to 33 percent of US total imports, while Canadian crude will account for 60 percent of US imports, it said.