Angola is one of the oil-rich countries that are not worried about low commodity prices, oddly in current market conditions, thanks to high demand from China.
Notwithstanding the state of despondency in the commodities market, China’s appetite for Angola’s crude oil has grown phenomenally, propelling Angola to the position of China’s biggest supplier in the world, according to a report from Reuters filed from China.
This follows the report country’s rise to Africa’s biggest producer of crude oil, after increasing production in barrels per day (bpd).
In September, China imported 4.19 million tonnes of oil from Angola, an annual increase of 45.8 percent. This translated into 1.02 million barrels per day of shipments. In August, Angola exported 1.11 million bpd.
Statistics for October are likely to indicate an increase in oil exports from the Southern African country.
China considers oil supply from Angola as cheaper and more consistent than from other oil exporting countries.
Angola’s meteoric rise has been nothing short of extraordinary. Just in the first months of 2016, Angola was China’s third largest supplier.