Chinese oil imports surge as KSA reclaims export mantle

Chinese oil imports surge as KSA reclaims export mantle

SINGAPORE: China's crude oil imports in 2019 surged 9.5 percent from a year earlier, setting a record for a 17th straight year, as demand growth from new refineries built last year propelled purchases by the world's biggest importer, data showed on Tuesday.. The boosted China's crude oil imports notably from Saudi Arabia, helping the Kingdom reclaim its title from Russia as China's top crude supplier.. The hefty December purchases included LNG imports that rose to a record last month with China overtaking Japan the world's top importer of the fuel for the second month in a row.. Tuesday's data also showed China's refined fuel exports in 2019 rose 14.1 percent from a year earlier to a record 66.85 million tons as refinery throughput outpaced domestic fuel demand growth.. The Communication and Information Technology Commission (CITC) made the disclosure on Tuesday.. There are 43.8 million mobile subscribers in Saudi Arabia with a mobile penetration rate of 129 percent of the total population.. Information technology investment in Saudi Arabia is being driven by its young and tech-savvy population, 58 percent of whom are under the age of 30..