TOKYO: Kuwait’s crude oil exports to China in July hit a fourmonth high of 1.60 million tons, an equivalent to 378,000 barrels per day (bpd), up 27.5 percent from a year earlier, official data showed. The figure was the highest since March, when Kuwait’s crude shipments to the world’s second-biggest energy consumer reached 1.73 million tons (409,000 bpd), according to the General Administration of Customs. China’s overall imports of crude oil in July edged up 1.2 percent from a year earlier to 7.35 million bpd, the lowest level in six months on daily basis. Angola overtook Saudi Arabia to be the country’s top supplier, with its shipments growing 23.2 percent to 1.1 million bpd.

Saudi Arabia became second with 952,000 bpd, down 4.2 percent, followed by Russia, with exports from the country falling 14.3 percent to 763,000 bpd. Iraq ranked fourth and Iran fifth, respectively. In its “Short- Term Energy Outlook” published last month, state-owned US Energy Information Administration said that China’s consumption of petroleum and other liquid fuels is forecast to grow by 0.4 million bpd in both 2016 and 2017, driven by increased use of gasoline, jet fuel, and hydrocarbon gas liquids, which more than offset decreases in diesel consumption.

Oil price up 25 cents

The price of Kuwaiti oil went up Wednesday by 25 cents to $43.86 per barrel as oppose as to $43.61 pb the day before, said Kuwait Petroleum Corporation (KPC) yesterday. The price of oil in the world markets went down after US energy reports showed an unexpected increase in crude reserves in the US, the world largest consumer of oil. This led to an increase of supplies by 2.5 million barrels in contracts with expectations of a decrease by 500,000 barrels. The Brent crude price was down by 91 cents to $49.05 per barrel, the same occurred with the American crude which went down by $1.33 to $46.77 per barrel. — Agencies