https://www.bloomberg.com/news/articles/2017-10-24/russia-cements-top-spot-in-crude-sales-to-china-as-saudis-recede
Russia continues to pull ahead of its oil rivals including Saudi Arabia in China, the world’s biggest energy user.
The
Asian nation’s imports of Russian crude jumped 61 percent to a record
6.35 million metric tons in September from a year earlier, according to
General Administration of Customs data. That helped Russia retain the top spot
for the seventh straight month. Saudi Arabia, the world’s biggest crude
exporter, supplied about 10 percent more at 4.28 million tons, while
retreating to the third-biggest. Angola was the No. 2 seller.
Russia is on a path to become the top supplier for the full year again,
after last year surpassing the Middle Eastern kingdom that has been a
dominant supplier for years. Russian shipments during the first nine
months were 45 million tons, the biggest volume among suppliers, data
compiled by Bloomberg show. Angola shipped 39.9 million tons and Saudis
38.5 million tons.
Russia is dominating amid heightened competition for major
markets including China and India as OPEC and other producers such as
Russia implement output cuts to clear a glut and lift oil prices. The
nations that are part of the deal will meet on Nov. 30 in Vienna to discuss prolonging the curbs beyond March.
— With assistance by Sungwoo Park, and Sarah Chen
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