Wednesday, November 30, 2022

Brazil, Angola take bigger share of Chinese oil market

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China imported crude oil at the rate of 11.93 million barrels per day last month, 25.4 percent faster than a year earlier and the fastest rate in any month on record, the OilX Research website says.

OilX Research says the rate last month was 7.4 percent faster than in May as the economy in China regained momentum after the Covid-19 pandemic peaked there.

The website says China imported more crude from Brazil and Angola in June and less from Saudi Arabia and Iran.

Oil is so cheap that tankers carrying about 40 million barrels are queuing up to unload at Chinese ports on the Yellow Sea, whereas in March only about 1.8 million barrels was waiting offshore, OilX Research says.

Source: Permanent Secretariat to the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (Macao)


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