Africa is emerging as a critical new source of Chinese oil and gas supplies, with Beijing expected to channel some $15 billion of investments to the continent over the next five years, according to the London-based research firm Global Data.
In fact, China is forecast to spend significantly more in Africa between now and 2023 than in South America where both Venezuela and Brazil have long been major oil exporters to China.
To put this into perspective, consider that with the exception of Angola, Africa, for the most part, hasn’t been a very important oil and gas supplier to China. But with Venezuela in turmoil and the ongoing trade war with the United States, China is apparently looking for new, more reliable energy trading partners.
Here are the top 10 oil exporting countries to China in 2018:
- Russia: US$37.9 billion (15.8% of China’s total imported crude)
- Saudi Arabia: $29.7 billion (12.4%)
- Angola: $24.9 billion (10.4%)
- Iraq: $22.4 billion (9.4%)
- Oman: $17.3 billion (7.2%)
- Brazil: $16.2 billion (6.8%)
- Iran: $15 billion (6.3%)
- Kuwait: $11.9 billion (5%)
- Venezuela: $7 billion (2.9%)
- United States: $6.8 billion (2.8%)