Angola Overtakes Saudi Arabia as Biggest Oil Supplier to China

Angola was the top supplier of crude oil to China in the first quarter, ahead of Saudi Arabia, Iran, Oman and Russia as the world’s second-biggest energy user boosted purchases to ease a domestic shortage.

“The trade figures show strong demand from the domestic market,” said Gong Jinshuang, an oil analyst at China National Petroleum Corp., the country’s biggest producer of the fuel. “When long-term supplies from countries like Saudi Arabia can’t meet domestic demand, we have to boost spot purchases,” Gong said by telephone from Beijing.
Angola exported 8.48 million metric tons of crude to China in the three months ended March 31, about 688,000 barrels a day and 55 percent more than a year earlier, the Beijing-based Customs General Administration said today. Saudi Arabia shipped 8.18 million tons, a 38 percent increase.

China’s oil imports surged 25 percent to a record 17.3 million tons in March as refineries expanded processing to ease a gasoline and diesel shortage that deepened as farmers started planting their crops. African grades, such as those supplied by Angola, are favored for their relatively low sulfur content and high yields of auto fuels.

Bloomberg