China's Oil Imports Surge, Strategic Reserves Build Up

Chinas oil imports surged in October, with record-high purchases from the UAE and Kuwait. Despite Russia remaining the top supplier, its exports to China slightly decreased. Saudi Arabia and Iraq followed as the second and third largest suppliers. Brazil and Indonesia also increased their exports, while Malaysias exports dropped. Notably, China imported no oil from Iran, Venezuela, or the US for the fifth consecutive month. Additionally, China significantly increased its crude oil stockpiling, indicating a strategic build-up of reserves.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.