Iran becomes China’s biggest oil supplier
Published on: June 23, 2009 at 16:50
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BEIJING : Iran overtake Saudi Arabia as the biggest supplier of crude oil to China in the month of May.
According to data revealed by the Chinese customs authorities, Iran shipped 3.088 million tons of crude oil in May.
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Iran recorded a growth of 88 percent y-o-y in its crude oil shipments to China, while Saudi Arabia, the biggest crude oil supplier till date saw its exports falling by 15.5 percent from that a year ago to 2.76 million tons.
Analysts aver that this could be due to the increasing imports of heavy grade crude oil, which Saudi Arabia has not been able to supply due to the OEPC led cuts, while others attribute this as a one time affair which may not repeat itself.
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