The Top Oil Suppliers of China

Posted by David
October 26, 2009

The price of oil rose above $81 on October 23 due to the expectation that the global economy is in the early stages of recovery and also due to the weakness of the US dollar.

One of the major consumers of oil in the world is China. As China’s economy expands due to many infrastructure projects China needs more oil. Rising sales of cars also adds to the demand for oil. In recent months China is strengthening its trade ties with oil-rich countries such as Venezuela, Iran,etc.

The major suppliers of oil to China are shown below:

China-oil-Suppliers-2009

Source: The Wall Street Journal

Saudi Arabia the largest supplier of oil to China at 750,000 barrels per day. Iran comes second followed by Angola. The US is asking some middle-eastern countries to lift their sanctions on oil exports to China in order to weaken the sales of Iranian oil to China. The US wants China to be less dependent on Iran for oil. Iranian influence is growing in Asia due to its oil exports.

More on this topic (What's this?)
China's Green Investment (Energy and Capital, 10/23/09)
How China is Torpedoing the U.S. Dollar… (Money Morning, 10/18/09)
Why Oil Prices May Never Rise Above $150 (Green Chip Stocks, 10/23/09)
Read more on Oil, Investing in China at Wikinvest
China

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