Category: Oil

China is steadily reducing its dependence on African oil suppliers who once accounted for a third of Chinese crude imports. Today, China buys more oil from Saudia Arabia than any other country in the world. From 2019 to 2020,

The Chinese government is reportedly coming to the rescue of the financially stressed Iraqi government with a $2 billion cash payment for a year's worth of oil at current market prices. The five-year agreement, as reported by Bloomberg, provides fresh insights into how China ...

China's presence in the Middle East North Africa region has been steadily rising over the past 25 years and is now entering a new, more complex phase that extends beyond commercial ties to also include potential security implications, writes Afshin Molavi, a senior fellow at ...

Saudi Arabia is emerging as an increasingly important hub on China's Belt and Road Initiative as Beijing turns to the Kingdom for an increasingly large share of its oil procurement. Last year, two-way trade surged 23% year-on-year to $78 billion, and even amid the ...

The prices for Nigerian Bonny Light and Angolan Cabinda crudes have regained some lost ground in November thanks to the Pfizer vaccine news and the U.S. elections. Given that both countries face enormous debt servicing challenges, these higher oil prices will help to replenish government coffers. China ...

Africa's share of China's oil imports has been steadily declining over the past 15 years but the continent nonetheless remains Beijing's second-largest source of crude after the Persian Gulf. In 2008, according to George Washington University China-Africa scholar David Shinn, China imported close ...

Sudan's oil industry is starting to rumble back to life, following this year's landmark peace agreement with rival South Sudan and a dramatic improvement in ties with the United States, which recently took Khartoum off its list of state sponsors of terrorism.

China's Ministry of Commerce is going to allow private companies and other "non-state entities" to buy 20% more oil next year in a move that will be enthusiastically welcomed by beleaguered oil-producing states, including many in Africa, currently suffering from persistently low prices. ...

The Angolan government is reportedly close to finalizing a deal with Chinese creditors to restructure the $20.1 billion of debts that Luanda owes Beijing, according to an unnamed senior government official quoted by Reuters. This is one of ...

We recently featured an article in our daily newsletter by South China Morning Post correspondent Jevans Nyabiage about the rapid decline of Africa's oil sales to China. In 2007, China bought about a third of its oil from African countries. Today, this share has shrunk to about ...

News that two of China's largest oil companies, Sinopec and CNPC, are going to scale down their presence in South Sudan provides the latest evidence of China's waning appetite for African oil.  This isn't a new phenomenon. In fact, ...

Zayed University Assistant Professor Johnathan Fulton is seemingly on a one-man mission to try and get everyone to calm down about news of a huge $400 billion, 25-year China-Iran oil-for-infrastructure deal. The deal has sounded alarms in places like Washington, D.C. ...