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Russia overtakes S Arabia to become biggest crude exporter to China

03:41 PM | 24 Jun, 2015
Russia overtakes S Arabia to become biggest crude exporter to China
NEW YORK (Web Desk) - China imported a record 3.92 million metric tons of crude oil from Russia, which is equivalent to 927,000 barrels per day. Russia has become Beijing’s top crude supplier for the first time since October 2005, RT reported.

“Russia is using its good relationship with China to increase supplies and has now taken the top spot,” Gao Jian, an analyst at Shandong-based energy consultant SCI International told Bloomberg in a phone interview.

Last month Saudi Arabia delivered only 3.05 million tons to China overtaken also by Angola, which sold 3.26 million tons in May reports Bloomberg, citing data from the Chinese General Administration of Customs published Tuesday.

In April, imports of Saudi oil to the China reached its highest level since June 2013 at 5.26 million tons.

Iran exported 2.2 million tons of crude to China and intends to dramatically increase global sales within six months, if a deal on its nuclear problem is struck by June 30 and sanctions are lifted.

Russia’s state oil major Rosneft and China National Petroleum Corporation (CNPC) signed a 25 year $270 billion oil deal at the 2013 St. Petersburg International Economic Forum. It’s expected Rosneft would export 360.3 million tons of crude to China under the contract.

In October 2013 the two countries strengthened oil cooperation, when Rosneft and China’s Sinopec signed an $85 billion deal for deliveries of up to 100 million tons of crude over 10 years.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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Today Currency Rates in Pakistan - Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 24 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 24, 2024 (Wednesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 278.4 for buying and 280.1 for selling. Euro's buying rate remains stable at 301.35 and selling rate is 303.45.

British Pound rate is 354.5 for buying, and 358.35 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal hovered at 73.6.

Currency Rates Today

Currency Symbol Buying Selling
US Dollar USD 278.4  280.1 
Euro EUR 301.35 303.45
UK Pound Sterling GBP 354.5 358.35
U.A.E Dirham AED 76.5  77.25
Saudi Riyal SAR 73.60 74.32
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.50 205.50
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.70 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202.00 204.00
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.50 7.65

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