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Saudi retains top oil supplier to China despite yr/yr drop

Saudi Arabia maintained its spot as China's top oil supplier in February.

Saudi retains top oil supplier to China despite yr/yr drop


Saudi Arabia maintained its spot as China's top oil supplier in February, 2 months into the 1st OPEC output cuts in almost a decade, despite a near 13 % fall in shipments from a year ago, data showed on March 23, 2017.

China imported 4.77 million tonnes of crude oil from Saudi Arabia, or about 1.24 million barrels per day, according to data from the Chinese General Administration of Customs.

Russia was China's 2nd-biggest supplier with shipments of 4.29 million tonnes, or 1.12 million bpd, a gain of 4.5 % on a year earlier.

Angola ranked 3rd with supplies falling 32 % to a daily rate of just under 850,000 bpd, the data showed.

The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1 for 6 months, the 1st reduction in 8 years.

Russia and other non-OPEC producers agreed to cut half as much.

To read the full story in Russian.


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