Saudi Arabia is top oil supplier to China

Saudi Arabia is top oil supplier to China
BI-ME and Bloomberg
22 August 2007

Saudi Arabia was the top supplier of crude oil to China in July, beating Angola, Oman and Russia as the Middle Eastern country increased exports to gain from demand in the world's fastest-growing major economy.

Saudi Arabia, the world's biggest oil producer, exported 2.33 million metric tons of crude oil to China last month, about 548,677 barrels a day and 57% more than the same period in 2006, the Beijing-based Customs General Administration said today.

Angola, the second-largest supplier to China in July, shipped 2.2 million tons, a 28% increase from last year.

China's crude oil imports surged 39% to a record in July, according to customs data released earlier this month. Oil imports by the world's second-biggest energy user have tripled in the last five years as production from domestic fields failed to keep pace with demand.

Oman, Russia and Iran were among China's top five suppliers in July, shipping 1.56 million, 1.27 million and 1.24 million respectively.

Saudi Arabia was also China's biggest crude supplier in the first seven months of this year as sales from the kingdom increased by 6.8% to 14.32 million tons.

Imports from Sudan surged more than 12-fold to 1 million tons in July after China National Petroleum, the country's largest oil producer, increased output of the Dar Blend crude oil from its production-sharing field in the African nation. The field started production last August.

China imported 14.83 million tons of crude last month. Shipments in the first seven months rose 15% to 96.37 million tons.