China To Increase Kuwaiti Oil Purchases By 50% In 2010 - To 240K BPD - Reuters

[hatrack]

BEIJING, Dec 30 (Reuters) - China has agreed to raise 2010 crude imports from Kuwait by 50 percent to about 240,000 barrels per day, trade sources told Reuters, with Chinese refiners set to to process at record rates as demand rebounds strongly.

The jump, which follows a one-third increase this year, comes after Iraq said it would more than double exports to the world's second-largest oil consumer and Saudi Arabia agreed to a 12 percent increase for 2010.

"The deals have been finalised," said a trade source familiar with the term supply agreements. "It's a big increase." "Sinopec has raised the volume quite sharply," said a second trade source.

The increases from Iraq and Kuwait, both of which supply mostly heavy, high-sulphur oil, are partly due to top exporter Saudi Aramco cutting back on similar grades Chinese oil refiners consider more economic to process, traders said.

EDIT

http://uk.reuters.com/article/idUKTOE5BT06Q20091230

[FreakinDJ]

1. SAY GOOD BYE TO ECONOMIC RECOVERY

as oil goes up - the American economy goes down

[endless october]

2. the sound you hear

is your neighborhood gas station rushing out to raise the price "just in case."

unless we do something about our energy supply, the economy is turbo fucked.

[vinylsolution]

3. Which is exactly what...

... the Republicans want.

Then they can start screaming: "It's Obama's fault!" again and again...

[endless october]

4. yep.

some are already calling it the "Obama recession." as if the economy wasn't totally in the shitter already when he took office.

[vinylsolution]

5. And it suits the RW agenda perfectly....

... Don't forget who made $billions when the price of oil went over $100/barrel.

The sooner the Texas oil mafia secedes, the better off we'll all be.