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Chinese oil imports


TRIBE Member
Angola overtook Saudi Arabia to become China’s top oil supplier in Feb by shipping 456k b/d, or 15% of China’s imports, in the first 2 months of the year, reports Bloomberg. This was more than OPEC’s top 2 exporters, Saudi Arabia and Iran, who supplied 445k b/d and 391k b/d respectively. West African producers Congo and Equatorial Guinea also made it into China’s 10 largest suppliers, providing 140k b/d and 133k b/d. China, where oil imports have tripled in 5 years, has agreed to lend Angola $3 billion, build a new refinery and develop deepwater reserves as it competes with the US for West African oil. Production in Angola may reach 2m b/d by 2008, from 1.25m b/d in ’05 as new fields come on stream. Oil imports to China rose 34% to 179m bbl in the first 2 months of the year from the same period in ’05, due to rising demand as the country’s automakers sell over 500k cars, buses and trucks a month, reports Bloomberg. "