As one of the world’s top ten major oil producers and exporters, Kuwait’s oil reserves rank sixth in the world. In order to earn more export revenue through oil trade, Kuwait recently announced a price increase for oil products shipped to some markets.
According to market news on June 11, Kuwait raised the official sales price of crude oil sold to Asia in July to a premium of US$1.25 per barrel compared to the average price in Oman/Dubai.
In the Asian market, China has become one of the important destinations for Kotwe oil exports. According to reports, in May this year, the scale of oil delivered by Kotwe to Chinese customers reached 661,000 barrels per day, with a total volume of approximately 19.38 million barrels, setting a record in the past four and a half years.
Even in 2020, when the epidemic caused a decline in global energy demand, Kuwait still shipped more than 27.5 million tons of crude oil to China. However, judging from China’s 542 million tons of crude oil imports last year, Kuwait’s share of the Chinese market was only 5%. In other words, Kuwait’s increase in crude oil export prices to the Asian market actually has little impact on China.
In addition, my country’s crude oil import pattern has been relatively stable, and Saudi Arabia and Russia have been the top two importers of my country’s crude oil for many years. Country of origin. Among them, in 2020, Saudi Arabia continued to be my country’s largest crude oil supplier, exporting nearly 84.92 million tons of crude oil to China, with an average daily export of 1.69 million barrels.
It is worth mentioning that this also highlights the importance of China as a major crude oil demand country during the global recovery. . Official data shows that in the first five months of 2021, my country imported a total of 221 million tons of crude oil, a year-on-year increase of 2.3%; the average import price reached 2809.2 yuan/ton, a year-on-year increase of 9.1%.
Analysis pointed out that as the country with the largest import volume of crude oil in the world, China’s demand for imported crude oil will also maintain steady growth as the scale of economic development continues; It is also a rare good opportunity. </p
