In March Kuwait’s oil exports to China were 26% higher than for the same period last year. Kuwait provided 4.5% of China’s crude oil imports as compared to just over 2% for the same period in 2009.
Overall China’s oil imports grew by almost 29% this quarter and consisted of 6 million tons for March and this was just slightly less than the December total which was considered to be an all time high. Angola was China’s top supplier and its shipments shot up by 98.6% when compared to figures from the same time last year. The next highest was Saudi Arabia coming in at 3.22 million tons and Iran was the third highest coming in at 2.22 million tons.
At present China is now the world’s second highest oil consumer with the US still being the largest consumer. Statistics from the Chinese Academy of Social Sciences for 2009 predicts that 64.5% of China’s oil consumption levels will be met by imports by 2020 and this is largely due to the current discrepancy between domestic consumption and production. Last year its oil imports reached 52% of total consumption and analysts suggest that anything over 50% is an unsatisfactory level.Andrew Reid, Staff Writer, Gulf Jobs Market News