Google+ Followers

Monday, 23 January 2017

Russia beats Saudi Arabia as China's top crude oil supplier in 2016 | Reuters

Russia beats Saudi Arabia as China's top crude oil supplier in 2016 | Reuters:

"Russia overtook Saudi Arabia in 2016 to became China's biggest crude oil supplier for the first year ever, customs data showed on Monday, boosted by robust demand from independent Chinese "teapot" refineries.

Russian shipments surged nearly a quarter over 2015 to about 1.05 million barrels per day (bpd), the data showed, with Saudi Arabia coming in a close second with 1.02 million bpd, up 0.9 percent in 2016 versus the previous year. China is the world's second-largest oil buyer and the fastest-growing major importer.

While Saudi Arabia counts China's state oil firms as backbone clients over long-term supply contracts, China's independent refineries - nicknamed "teapots" due to their smaller processing capacity - saw Russia as a more flexible supplier."



'via Blog this'