Now, however, we’re seeing all that soft power and oil-backed loans fizzle out as various think tanks note that China is increasingly choosing Arab oil over African crude. 2 exporter of oil to China in 2010, second only to Saudi Arabia, by last year, it had plummeted to No. Related: WTI Crude Soars on Tailwinds of Saudi July Export CutsAngola–and other African oil producers–have a hard time luring investors to further develop its oilfields and boost infrastructure. And in the meantime, China has increasingly turned to more predictable production infrastructure of the Gulf countries and Russia. Last year, according to data published by China Daily, China imported ~200 million metric tons of crude oil and 18 million tons of LNG from GCC countries.

Source: The North Africa Journal July 18, 2024 11:04 UTC