Iran takes lead in oil exports to China

TEHRAN, June 25 (UPI) -- Largely because of Saudi production cuts, China received more of its oil from Iran than from Saudi Arabia in the early part of 2009, data shows.

Iran shipped more than 700,000 barrels of crude oil per day to China in May, an increase of 88 percent from the same period in 2008, the Iranian Petroenergy Information Network reports.

Meanwhile, Saudi exports declined more than 15 percent to 650,000 barrels per day to China, PIN reports, citing Chinese customs data.

Iran is the fifth-largest crude exporter in the world. Saudi Arabia, meanwhile, is the largest net exporter to the United States, Europe and Asia.

Saudi Arabia, however, cut oil production by more than 300,000 barrels per day for April in an effort to control renewed volatility in the energy market.

Overall crude oil production in Saudi Arabia declined 16 percent, or some 1.5 million barrels per day, since August.

The U.S. Energy Information Agency reports Chinese energy imports fluctuate wildly, and the PIN report acknowledges the trade variance in May was mostly likely an anomaly.