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However, if this year's trade characteristics are similar to those of previous years, it is still very likely that Saudi Arabia will become China's largest crude oil supplier in terms of supply throughout 2008, because Saudi Arabia's supply of crude oil to China will usually increase in the second half of the year.
In addition, Saudi Arabia has signed an agreement with China to increase its crude oil supply to China later this year.
According to customs data, in the first quarter of this year, Angola exported 8.48 million tons of crude oil to China, equivalent to an average of 683,059 barrels per day, an increase of 55.1% over the same period of last year. Saudi Arabia exported 8.18 million tons of crude oil to China during the quarter, 658,895 barrels per day, an increase of 37.7% over the same period last year.
According to the Xinhua Overseas Finance Report, a Beijing oil trader said that the increase in China’s crude oil imports from Angola may be due to the higher sulphur content of crude oil produced in Saudi Arabia, which is mostly produced by low-sulfur crude oil in Angola, and even more so in China. Refinery favor.
Angola’s crude oil prices are also relatively low. The average CIF in the first quarter was US$91.8 per barrel, while the average price of crude oil imported from Saudi Arabia was US$92 per barrel. The trader stated that although Angola’s crude oil has a low sulphur content, other qualities are inferior to Saudi Arabia’s crude oil, so the price is low.
Saudi Arabia has been China’s largest crude oil supplier for the past six years. In 2007, the country exported 26.3 million tons of crude oil to China each day, totaling 528,000 barrels. It is reported that Saudi Arabia has agreed to increase the amount of crude oil exported to China National Petroleum Corporation (China National Petroleum Corporation) and Sinopec Corp. (200828) by 200,000 barrels per day. China imported 25 million tons of crude oil from Angola in 2007, an increase of 6.5% over 2006.
China is the world’s second-largest energy consumer after the United States. However, as China’s demand for domestically produced coal is relatively large, crude oil accounts for only 20% of China’s total energy demand.
According to data released yesterday by the General Administration of Customs, Angola has replaced Saudi Arabia as China’s largest crude oil supplier: In the first quarter of 2008, China’s imports of crude oil from Angola were 3.7% higher than those imported from Saudi Arabia.