China Now World's Largest Liquid Fuels Importer
oil imports in recent years as a result of robust oil demand growth and recent geopolitical uncertainties. Saudi Arabia continues to be the largest supplier of crude oil to China and in 2013 provided 19% of China's 5.6 million barrels per day. Because production levels from Iran, Libya, and Sudan and South Sudan dropped since 2011, China replaced the lost shares of crude oil and other liquids imports from these countries with imports from Oman, Iraq, the United Arab Emirates, Angola, Venezuela, and Russia. Source: U.S. Energy Information Administration, Principal contributor Candace Dunn
Oil Holds around $110
for further disruption to oil exports. "One of the reasons for the price staying up around $110 is the geopolitical risk, with reduced exports coming out of Libya, negotiations over lifting sanctions on Iran going very slowly, Syria remaining in the background and maybe Ukraine as well as South Sudan," said Christopher Bellew, oil futures broker at Jefferies Bache. In South Sudan, the capital of the main oil-producing Upper Nile region, Malakal, remains divided between the army and rebels, government officials say. On Saturday, the national government over-ruled Upper Nile state's
February 2025
