Russia beats Saudi Arabia as China’s top oil supplier for the first time ever

china-oil-imports-2016

http://www.zerohedge.com/news/2017-01-23/first-time-ever-russia-beats-saudi-arabia-chinas-top-oil-supplier

While OPEC members were infighting over crude production and export quotas, posturing with temporary production cuts (just so the Saudis could get a six month reprieve during which it clears out a massive internal crude glut), Russia was busy capturing market share, and according to overnight Chinese data, Russia overtook Saudi Arabia as China’s top oil supplier last year for the first time ever boosted by robust demand from independent Chinese “teapot” refineries.

Russia boosted oil exports to China by 24% from 2015 to 52.5 million metric tons, or 1.05 million barrels per day, according to data released Monday by the General Administration of Customs, cited by Bloomberg. In a blow to Ridyah’s ambitions, the Middle Eastern kingdom slipped to second place, shipping 51 million tons, or 1.02 million barrels per day, little changed from a year earlier.

For December, Russia also held the top spot with supplies up 4.8 percent from the same month a year earlier at 1.19 million bpd. Meanwhile Saudi sales dropped nearly 20 percent from a year earlier to 841,820 bpd, data from the Chinese General Administration of Customs showed.

Total crude oil imports in December hit a record as refiners stepped up purchases ahead of a deal by oil-producing countries to reduce supply and bolster prices, Reuters reports. For the whole of 2016, imports gained nearly 910,000 bpd over 2015, the strongest annual growth on record and mostly driven by teapot buying. While Saudi Arabia counts China’s state oil firms as backbone clients through long-term supply contracts, China’s independent refineries, called “teapots” due to their smaller processing capacity, saw Russia as a more flexible, and perhaps cheaper, supplier.

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no wonder the men with dresses are getting shitty and nervous..

“Russia boosted oil exports to China by 24% from 2015 to 52.5 million metric tons, or 1.05 million barrels per day, according to data released Monday by the General Administration of Customs, cited by Bloomberg. In a blow to Ridyah’s ambitions, the Middle Eastern kingdom slipped to second place, shipping 51 million tons, or 1.02 million barrels per day, little changed from a year earlier.”

if you arent “with” china or india..you will lose out eventually..

401

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~ by seeker401 on January 26, 2017.

One Response to “Russia beats Saudi Arabia as China’s top oil supplier for the first time ever”

  1. Reblogged this on World Peace Forum.

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