China’s Sinopec, the country’s largest refiner, is building a 200,000-bpd refinery in southern China, which will use Kuwaiti crude as feedstock, unnamed sources told Reuters. The refining and petrochemical complex will cost some $5.7 billion and will boost Kuwait’s exports to China to 600,000 bpd, the sources also said. Earlier this month, Kuwait’s state news agency KUNA reported that the country planned to increase its exports to China to more than 600,000 bpd next year without mentioning what was their current level. Kuwait produces less than 3 million bpd at the moment, bound by its OPEC quota, but it has the capacity to produce more than 3 million bpd. For China, this is the third new petrochemical complex built in just two years amid a steady and fast increase in oil demand. This demand recently sparked a rally in Middle Eastern oil prices, with two new refineries starting up […]