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Angola replaces Iran as China’s second major oil supplier

Business Materials 26 December 2011 12:19 (UTC +04:00)

Azerbaijan, Baku, Dec. 26 / Trend F.Milad/

By exporting 748,000 barrels of crude oil per day to China, Angola has replaced Iran as the second major crude supplier to the East Asian country in November, the Pana news agency reported.

Iran had been exporting 597,000 barrels per day (bpd) of crude oil to China in October, ahead of Angola and next to Saudi Arabia.

In November, China's imports of Iranian crude oil stood at 622,000 bpd, up 5.3 per cent compared with the same month last year. Saudi Arabia ranked first exporting 1.18 bpd of crude oil to China.

China has bought enough spot crude from the Middle East, Africa and Russia in January to replace the lost Iranian oil supply, trade sources said on Friday, putting it in a strong position as it tussles with the Islamic Republic over payment terms for 2012 contracts, according to Reuters.

China will load an additional 12.43 million barrels of crude from Iraq, Russia and West Africa in January which more than covers the 285,000 bpd supply cut from Iran, according to trade sources and shipping data.

Sinopec Corp, the country's top refiner, cut its crude shipments from Iran for January as the two haggle over terms for next year's supplies.

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