China Cashes in on Cheap Oil

Posted by: : Shayne HeffernanPosted on: January 26, 2015 China Cashes in on Cheap Oil
 

China Cashes in on Cheap Oil

Kuwait’s crude oil exports to China in December surged 52.7 percent from a year earlier to 1.73 million tons, equivalent to around 408,000 barrels per day (bpd), latest government data showed.

The figure was the highest in any months of last year, according to the General Administration of Customs.

Kuwait’s exports to China in the full year 2014 totaled 10.62 million tons (213,000 bpd), up 13.7 percent on the year. China’s overall imports of crude oil in December grew 13.4 percent year-on-year to a record high of 7.18 million bpd.

Saudi Arabia remained China’s top supplier with its shipments rising 8.6 percent to 1.07 million bpd from a year earlier, followed by Angola with 911,000 bpd, down 4.4 percent. Russia became third, with imports from the country jumping 85.9 percent to 880,000 bpd. 985,000 bpd. Oman ranked fourth and Iraq fifth, respectively. State-run Kuwait Petroleum Corporation (KPC) signed a 10-year crude supply deal with China’s top energy trader Unipec in August, the biggest-ever sales contract in KPC’s history by volume and revenues in all regions. Under the landmark agreement, KPC supplies Unipec 300,000 bpd of crude oil, with a strong possibility of increasing the volume to 400,000 bpd, KPC told Kuwait News Agency (KUNA) after the signing ceremony in late August.

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Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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