(MENAFN- Arab Times) Kuwait's crude oil exports to China rose 5.4 percent in October from the previous month to 771,000 tons, equivalent to around 182,000 barrels per day (bpd), latest government data showed.
Kuwaiti share of Chinese crude oil imports last month was 3.8 percent, compared to 2.8 percent in September, according to the General Administration of Customs. Meanwhile, Kuwait's crude oil exports to the world's second-biggest energy consumer fell 10.3 percent from a year earlier. China's overall imports of crude oil in October fell 13.8 percent from a year earlier to a 13-month low of 20.41 million tons, or 4.83 million bpd. Saudi Arabia remained China's top supplier, but its shipments edged down 0. 9 percent to 1.09 million bpd, followed by Angola with 761,000 bpd, up 3.9 percent. Oman became third, with imports from the country shrinking 21.0 percent to 523,000 bpd. Russia ranked fourth and Iraq fifth, respectively.
China surpassed the US as the world's biggest net oil importer in September, fueled by its steady growth in oil demand, the Energy Information Administration, the US Energy Department's statistical unit, said last month, adding that this trend to continue through 2014.
Meanwhile, price of Kuwaiti oil barrel rose to $1.26 reaching $104.95 per barrel on Friday, compared to $103.69 per barrel on Thursday, announced Kuwait Petroleum Corporation (KPC) on Saturday.
Oil prices in international markets were affected by the negative results of Iran's nuclear program, despite the efforts of Iran and the six world powers to reach a temporary agreement yesterday.
European Brent crude oil rose to about one dollar yesterday, while American crude oil prices went down, creating a huge gap in prices between brent and American crude oil in western Texas by over $16, which is the highest rate in eight months.
Brent oil crude for January delivery ended the trading session rising to 97 cents by 0.88 percent, reaching $111.05 per barrel upon settlement, while American light crude oil went down by 60 cents or 0.63 percent, reaching $94.84 per barrel and the end of trade.
Price of Kuwaiti crude oil rose 89 cents settling at $103.69 per barrel (pb) on Thursday, compared to $102.80 pb the day before, Kuwait Petroleum Corporation (KPC) said in a statement on Friday.
Oil prices hiked in Thursday trading due to government data which showed US unemployment benefit applicants falling by 21,000 to a seasonally adjusted 323,000 last week, the lowest since late September and further evidence of an improving job market.
The American crude deals for January's delivery were up to $95,44 pb. Meanwhile, prices of Brent crude deals also rose nearly two dollars pb, reaching $110.08 pb.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.