• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 1 hour https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 18 hours Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 2 days Pollster Frank Luntz released a poll today showing 90% of those that voted for Trump in November would vote for him again.
  • 11 hours Tonight Twitter took down Trump's personal account permanently. Trump responded on the POTUS account.
  • 16 hours CNN's Jake Tapper questions double amputee purple heart recipient GOP Rep's commitment to democracy. Tapper is a disgrace.
  • 2 days ICE Engines Hear to Stay Regardless of War Against
  • 2 days Do Republicans like Liz Cheney, Adam Kinzinger, Mitt Romney and now McConnell think voting for Impeachment can save the party ? Without Trump base what is the Republican constituency ? It's over.
  • 17 hours A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 20 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 2 days Minerals, Mining and Industrial Ecology
  • 2 days a In 2020, we produced and delivered half a million cars.
  • 2 days Trump Supporters Just Handed a Huge Propaganda Victory to China

Saudis, Angola Overtake Russia In January Exports To China

Saudi Arabia is not ceding ground in its important markets in Asia amid the OPEC cuts, and has regained its position as top oil supplier to China in January, overtaking Russia which was last year’s biggest supplier to China after having pushed the Saudis from the top spot.

In January, Russia was overtaken not only by Saudi Arabia, but also by Angola, China’s second biggest oil supplier, according to data by the Chinese General Administration of Customs reported by Reuters on Friday.

Saudi Arabia’s exports to China jumped by 18.9 percent from a year ago in January to 1.18 million bpd. Angola’s exports to China soared 63.5 percent to 1.17 million bpd, winning it second place, whereas the winner of the 2016 exports race—Russia—came in third place, shipping 1.08 million bpd to China in January, up 36.5 percent on the year.

Last year, Russia overtook Saudi Arabia as China’s biggest supplier of crude oil thanks in large part to increased demand from independent refineries, popularly called teapots. The average Russian exports to China in 2016 stood at 1.05 million bpd, up by 25 percent from 2015. Saudi Arabia’s shipments last year inched up 0.9 percent to 1.02 million bpd.

Related: 4.7 Billion Barrels Just Evaporated In This World Class Oil Play

Now the OPEC cuts have made the Middle Eastern crude grades more expensive and the Brent/Dubai and WTI/Dubai spreads narrower, which is making traders ship more crude oil from West Africa to Asia, and the Russian grade Urals to China, which would not have been a profitable shipment if it were not for the arbitrage window.

Although it is overcomplying with the OPEC deal and has cut exports to some clients -- mostly to regions other than Asia -- Saudi Arabia has been keeping full supplies to Japan and South Korea, and slightly cutting to Southeast Asia. However, for March, Saudi Aramco’s major buyers in both Northeast Asia and Southeast Asia are set to receive full-term allocations for Saudi crude oil, S&P Global Platts reported last week, citing traders it had contacted.

By Tsvetana Paraskova Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News