Crude oil prices declined sharply beginning this week as poor economic news dominated the markets and prices dropping below US$72 a barrel mark at the beginning of this week. US housing data showed sales both of existing homes and new homes registering significant drops. Mid-week, the US Energy Information Administration reported that crude oil inventories rising 4.1 million barrels, much more than the 1.1 million-barrel consensus forecast. However, oil prices recovered after Federal Reserve chairman Ben Bernanke announced that the Fed was ready to do whatever it takes to support economic recovery.

China imports 19 mln tons of crude oil in July [ 31 Aug, 2010]

China's crude oil imports were 19 million tons or 4.50 million barrels per day in July, down 3.21% year on year, according to statistics released by the General Administration of Customs of China.

In the first seven months of this year, the country imported 139.6 million tons of crude oil, 24.21% more than in the same period last year due to the rising domestic demand.

Last month, China produced 17.22 million tons of crude oil, 6.4% more than in the same period of last year. The country's total crude oil output in the first seven months of this year was 115.7 million tons, up 5.3% year on year, the National Bureau of Statistic said earlier this month.

The country produced 7.19 billion cubic meters of natural gas in July, 3.6% more than in the same month of last year. China's total gas output during the period from January to July was 53.2 billion cu m, up 9.8% year on year, said the NBS.

In July, China exported 711,716 tons of liquefied natural gas, up 6.5% year on year, while the country exported 230,585 tons of natural gas.

Source: China Knowledge

Kuwait crude oil exports to China jump 36pct [ 28 Aug, 2010]

Kuwait`s crude oil exports to China jumped 35.5% in July from a year earlier to 826,000 tonnes, equivalent to around 195, 000 barrels per day.

According to data released from the General Administration of Customs, Kuwait provided 4.3% of China's total crude oil imports compared with 3.1% in the same month of last year and 5.6% in June. Kuwait's exports in the first 7 months of 2010 totaled 5.85 million tonnes up 25.3% from the same period last year.

China's overall imports of crude oil in July fell 3.2% YoY to 4.49 million barrels per day. Saudi Arabia came back as China's top supplier although its shipments shrank 13.3% from a year earlier to 965,000 barrels per day followed by Angola with 536,000 barrels per day down 28.8%. Iran became third with imports from the country falling 7.6% to 481,000 barrels per day. Kuwait was the seventh biggest exporter to China in July.

Source: Kuwait News Agency