China to Reduce Imported Petroleum Oil from GCC Countries
According to a an economic report released by China Investment Corporation in Kuwait last Sunday, China will decreasingly import petroleum oil from the GCC countries in 2014, with a declining share to 39.5%
. Besides oil, China and the GCC countries are maintaining active relationship in other fields of economic and trade exchanges.
The report indicates that China is now the largest energy consumer. Most of its fuel relies on imported oil from the GCC countries. Unlike the growth in 2013, other commodities that were exported to China showed a larger decline in early this year. Last year, China imported most oil from Saudi Arabia, accounting for 20% of the total import volume of oil. What’s more, the share of imported oil from the GCC countries kept at 46%.
Oil imported from Kuwait remains at a low level of growth, while the volume from United Arab Emirates is increasing. Demand for oil and oil prices are the main factors that affect the trade between China and the GCC countries. The report also predicts that China's growth rate will slow down or maintains at 7% in the coming months.
China is committed to seeking the diversification of energy sources. As the largest oil source country of China, Saudi Arabia will occupy the share of other GCC countries.