Kuwait’s oil exports to China in December were 52.7 per cent higher than in the same period the previous year, according to the latest government data.

A total of 1.73 million tonnes of crude was exported over the month, the equivalent of 408,000 barrels a day (b/d).

Kuwaiti oil exports to China for the full year stood at 10.62 million tonnes, the equivalent of 213,000 b/d.

Total Chinese imports of crude in December grew 13.4 per cent, compared with December 2013, hitting a record high of 7.18 million b/d as the country took advantage of lower oil prices to replenish stockpiles.

Saudi Arabia remained China’s top oil supplier, with its shipments rising 8.6 per cent to 1.07 million b/d from a year earlier.

State-run Kuwait Petroleum Corporation (KPC) signed a 10-year deal to supply crude to Chinese energy trader China International United Petroleum & Chemicals Company (Unipec) in August.

The deal was the biggest ever sales contract in KPC’s history by volume and revenues.

Under the agreement, KPC is supplying Unipec 300,000 b/d, with the option of increasing supplies to 400,000 b/d.

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