5 countries that export crude oil to China - YouTube

You might not know this, but in September 2013, China's imports of petroleum exceeded

those of the United States on a monthly basis, making it the largest importer of crude oil

and other liquids in the world.

The rise in China's imports of petroleum and other liquids is driven by steady economic

growth, with rapidly rising Chinese petroleum demand outpacing production growth.

So, with China being the largest crude oil importer in the world, we wanted to know which

countries supply China with crude oil.

Here is our list of the top 5 countries that export oil to China.

Coming in at number 5 is Oman.

Many people might not know a lot about it, but Oman has modest oil reserves, ranking

25th globally.

In 2010 the UNDP ranked Oman as the most improved nation in the world in terms of development

during the preceding 40 years.

A significant portion of its economy involves tourism and trade of fish, dates, and other

agricultural produce.

This sets it apart from its neighbors' largely oil-dependent economies.

In terms of oil production, China was Oman’s number-one client for crude oil, importing

143.39 million barrels from the Gulf sultanate in the first seven months of 2016 and accounting

for 75.20 percent of Oman’s overall crude oil exports.

On an annual basis, Chinese imports rose by 2.9 percent.

The rest of the oil was exported to the U.S., South Korea, and Japan, Oman’s National

Centre for Statistics and Information said.

Many people think of war when they think of Iraq, but the country’s oil production has

remained steady.

In February, Iraq pumped 4.57 million barrels per day of oil and exported 3.87 million barrels

a day from its southern and northern shipment hubs.

It plans to increase oil output to 5 million barrels per day by the end of 2017.

Much of its oil exports are coming to China.

Iraq is OPEC's second-biggest producer behind Saudi Arabia and now ranks fourth among crude

suppliers to China.

Saudi Arabia used to be the number one exporter of crude oil to China for many years, but

recently things have changed.

Now, Saudi Arabia has fallen to the third spot due to cut backs in production in early

2017.

Saudi Arabia's crude exports are expected to fall below 7 million barrels per day this

summer, according to industry sources familiar with the matter.

Overall, Saudi exports are set to be lower than last year, when the kingdom shipped about

7.4 million bpd on average from May to August.

This is partly because Saudi Arabia usually burns more crude in power stations at home

in the summer months to meet extra demand for power, as people rely on air conditioners

to deal with temperatures that can reach 50 degrees Celsius.

This year, Saudi Arabia is also leading OPEC and other producers in a pact to cut output,

a deal initially due to run in the first half of 2017 and now extended until March 2018.

When people think of oil production many will think of the Middle East, but in recent years

more and more African countries are producing crude.

The number 2 country on our list is Angola.

Angola has vast mineral and petroleum reserves, and its economy is among the fastest growing

in the world, especially since the end of the civil war.

Angola’s crude oil exports have fluctuated over the last year, but Angola was the second-biggest

supplier of oil to China in the first five months of 2017, Reuters reports.

The news agency, citing data provided by the Chinese General Administration of Customs,

says exports of Angolan oil to China averaged 1.11 million barrels per day in the first

five months.

During May 2017, Angola exported oil to China at the rate of 1.31 million barrels per day,

79.5 percent faster than a year earlier.

And if you haven’t guessed it yet, our number one exporter of crude oil to China is Russia!

That’s right; China and Russia have been strong partners for many years.

More recently, as China’s economy has grown and middle class swelled, Russia has been

supplying more and more petroleum products to China.

Russia overtook Saudi Arabia in 2016 to become China's biggest crude oil supplier for the

first year ever.

In 2017, Russia continues to be China’s largest supplier.

So there you have it, the top 5 countries that export oil to China.

Although the top exports Change based on price, these 5 countries have continued to take the

top spots over the last few years.

What do you think of our list?

Leave a comment below and let us know!

I’m our host Jialan, see you next time!

Bye!