Thursday, September 29, 2022

Baghdad

Iraq becomes third largest oil supplier to China

 Iraq becomes third largest oil supplier to China

An oil warehouse at a port in Zhuhai, China. Photo: Reuters

Baghdad (IraqiNews.com) – Statistics from the General Administration of Customs of the People’s Republic of China (GACC) revealed on Monday that Iraq was the third largest exporter of oil to the Chinese government refineries during May 2022, according to Al-Maalomah News.

The GACC mentioned that Iraq exported 4.687 million tons of oil to Chinese government refineries during May 2022. This quantity represents 34.215 million barrels in the whole month which is equivalent to 1.103 million barrels per day.

The GACC statistics revealed that oil exports rose by 4.5 percent compared to the same period of last year, and 14 percent more than last April where oil exports reached 4.090 million metric tons, equivalent to 29.857 million barrels.

The GACC report also mentioned that Russia displaced Saudi Arabia as a top supplier to become the first largest supplier of crude oil to China in May.

According to Reuters, Chinese refineries cashed in on discounted supplies amid sanctions on Moscow over its invasion of Ukraine.

Russia’s oil exports to China during May reached 8.42 million tons equivalent to 61.466 million barrels. Saudi Arabia, which was the biggest supplier of oil to China during the past months, came in second place as its oil exports to China were 7.82 million tons, equivalent to 57.086 million barrels during May.  

According to the data issued by the GACC, UAE came in fourth place in terms of oil exports to China with 4.09 million tons or 29.857 million barrels, and Oman was the fifth largest oil supplier to China where its oil exports to the Chinese government reached 3.977 million tons, equivalent to 29.032 million barrels.

The GACC mentioned that the total Chinese imports of crude oil rose by approximately 12 percent making that 10.8 million barrels per day during May compared to 10.3 million barrels per day in 2021.