Though overall Chinese imports of crude oil jumped more than 10%, Kuwait has stated its exports to the second-largest economy remained stable.
OPEC-member Kuwait produced 2.7mn barrels of oil per day (bpd) in July, putting it at the No 5 spot behind the United Arab Emirates.
The official Kuwait News Agency, known also as KUNA, said oil exports for the first seven months of the year averaged 321,000 bpd, unchanged from the previous year. Compared with last July, however, Kuwait exported 19.7% fewer barrels to China.
Russia is China’s top crude oil supplier and July exports of 8.2mn bpd were 11.8% higher than the previous year. OPEC members are the next five largest suppliers of crude oil to China, KUNA reported.
With regards to other customers in Asia, Kuwait Petroleum International in early August sent the first of six shipments of crude oil to the Nghi Son refinery in Vietnam. The shipment aligned with the strategic objectives to find new outlets for Kuwait oil and expanding investment opportunities.
Higher exports from Kuwait should matter in OPEC’s effort short-term, but balance out against domestic inventories over a period of time. In total, Kuwait plans to ship 12mn barrels of crude oil to Vietnam.
