Saudi oil attack badly hit China

[sobia khan]

Saudi Arabia is the world’s largest oil exporter, the de facto leader of the Organization of Petroleum Exporting Countries (OPEC) cartel and the world’s third largest crude oil producer after the US and Russia. The Asia-Pacific, home to some of the world’s largest net oil-importing nations, is increasingly dependent on Saudi oil to fuel their fast-growing economies.

Last year, China imported 459.3 million tons (mt) of crude oil, a 10.1% year on year rise worth a record-breaking US$239.2 billion. That represented a 20.2% share of total global consumption, according to China’s National Bureau of Statistics (NBS).

In 2018, the US imported 247.8 mt of crude oil, while India was the third largest crude oil importer at 226.6 mt, followed by Asian industrial heavyweights South Korea (151.3 mt), and Japan (149.3 mt), according to industry data. But the attacks have put China’s reliance on Saudi Arabian crude oil exports into particularly sharp relief.

In 2018, Saudi Arabia was China’s second largest oil supplier, providing 12.4% of its imports at a value of around $30 billion.Over 40% of China’s oil supplies are delivered by Gulf countries, meaning China is especially vulnerable to a similar type of future attack on oil production facilities. Russia was China’s largest supplier at 15.8%, and Angola its third biggest at 10.4%.

China has traditionally relied on oil imports from Saudi Arabia, Iran, Russia and, more recently, the US. China’s imports of US oil, however, plunged 76% in the first half of 2019, due largely to the two sides’ escalating trade war.

US sanctions re-imposed last year against Iran’s energy sector have also forced China – though it is clearly finding ways to circumvent the restrictions – to cut at least 50% of its oil imports from Iran, according to ship tracking data firms.
Sindhi News

 

[Beast]

Another sensational news. Now it's even a bigger opportunity for China to more Iranian oil. Remember, China oil companies are immune to US sanction. China import more Saudi oil is more of political than need. They are still many Chinese oil well which we are not digging it. Plus oil is less and less relevant as more Chinese buses and cars are electrify.

 

[Goenitz]

They have such money they should make a canal like Suez or panama.. not related to attack but this will bring good results in future.. China and Pakistan should propose and bid for that. @Markhoor @Khafee @Arabi