China raised oil imports 14% to 283.5 million tonnes over nine months

Almaty. October 27. Silkroadnews – The volume of China’s imported oil increased 14% to 283.51 million tonnes in January-September 2016, TASS reports.

In value terms a 20.7% recession up to $83.25 billion is observed.

According to Chinese customs statistics, once again in terms of oil exports tonnage to China Saudi Arabia ranks the first with 38.75 million tonnes (+0.8%) totaling $11.39 billion (-31.3%). In terms of cost of oil exports to China Saudi Arabia takes the second place after Russia. Revenues from oil exports to China from Russia over the reporting period reached US $11.68 billion (-10.5%). The tonnage of exports amounted to 38.09 million tonnes (+25.7%). The average cost of a tonne of oil from Saudi Arabia reached $294 (-$137), from Russia – $306 (-$124).

Within the reporting period 34.39 million tonnes were supplied from Angola, 26.24 million tonnes – from Oman, 26.51 million tonnes – from Iraq. Revenues from exports from Angola dropped by 15.8% to $10.62 billion, from Oman – by 25.5% to $8.03 billion, from Iraq – by 25.2% to $7.5 billion. The average cost of a tonne of oil in these countries during the reporting period made $309, $306 and $283 per tonne respectively.

In general, in January-September 2016 the average cost of a tonne of oil for China decreased by $128.5 to $293.6 per tonne. The minimum cost made $216 per tonne (Venezuela), the maximum – $353 (Australia).

At the end of 2015 the volume of China’s imported oil amounted to 330.94 million tonnes, in value terms – $132.76 billion. Saudi Arabia’s export to China amounted to 50.55 million tonnes (+1.8%), Russia’s export made 39.48 million tonnes. The average cost of a tonne of oil to China decreased by $339.71 to $401.2 per tonne.