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Kuwaiti oil exports to China drop 7.4% in May

Kuwaiti oil exports to China drop 7.4% in May
Russia has continued to be China’s top oil supplier

Mubasher: Chinese imports of Kuwaiti oil fell in May by around 7.4% on a year-on-year basis to 318,000 barrels per day (bpd), data released by the Chinese government on Monday showed.

Over the first five months of 2017, Kuwait’s crude exports to the world’s second largest oil consumer grew 5.6% year-on-year to 326,000 bpd, according to the General Administration of Customs.

The Gulf country’s shipments of crude to China surpassed the 300,000 mark for the third straight month.

China reported that its overall crude oil imports grew 15.4% in May to 8.8 million bpd compared to figures from the same period in 2016.

Russia has continued to be China’s top oil supplier with shipments increasing by around 9.4% on the year to 1.36 million bpd in May, while shipments from Angola, the second top supplier, surged 79.2% to 1.32 million bpd.

Ranking third was Saudi Arabia with 1.0 million bpd, up 8.6% year-on-year, while Oman and Iran ranked fourth and fifth, respectively.