Angola surprisingly becomes China’s top crude exporter in July

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Angola surprises everyone becoming China’s top crude oil exporter topping both Saudi Arabia’s and Russia’s for the month of July, Oilprice.com reports citing Reuters data.

According to the information from Chinese customs, Angolan oil exports to China hit 4.72 million tonnes in July, which makes a daily average of 1.11 million barrels per day. This increase of the African export to the Asian country is explained by higher demand from Chinese teapot refineries who have turned to the cheaper Angolan oil: the African blend trades below both Russia’s ESPO and the Middle East’s Dubai benchmark blends.

At the same time, over the first seven months of the year, Saudi Arabia remains the biggest crude oil supplier in China with an average daily rate of 1.05 million bpd, winning a 14-percent market share in China’s oil market. Russia managed to overtake the Saudis in this race for the place of the country’s top supplier in three of the seven months.