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China’s Growing Influence in the Mideast & Persian Gulf

China is steadily reducing its dependence on African oil suppliers who once accounted for a third of Chinese crude imports. Today, China buys more oil from Saudia Arabia than any other country in the world. From 2019 to 2020,

China Strikes Financing Deal With Iraq, Providing New Clue to How Beijing Deals With Major Oil Supplying Countries

The Chinese government is reportedly coming to the rescue of the financially stressed Iraqi government with a $2 billion cash payment for a year's worth of oil at current market prices. The five-year agreement, as reported by Bloomberg, provides fresh insights into how China ...

China’s Growing Influence in the Middle East and North Africa

China's presence in the Middle East North Africa region has been steadily rising over the past 25 years and is now entering a new, more complex phase that extends beyond commercial ties to also include potential security implications, writes Afshin Molavi, a senior fellow at ...

Chinese Oil Buying From Saudi Arabia Surges, Likely at Africa’s Expense

Saudi Arabia is emerging as an increasingly important hub on China's Belt and Road Initiative as Beijing turns to the Kingdom for an increasingly large share of its oil procurement. Last year, two-way trade surged 23% year-on-year to $78 billion, and even amid the ...

All This Talk About Vaccines Gives a Desperately-Needed Boost to Two of Africa’s Largest Oil Producing Countries

The prices for Nigerian Bonny Light and Angolan Cabinda crudes have regained some lost ground in November thanks to the Pfizer vaccine news and the U.S. elections. Given that both countries face enormous debt servicing challenges, these higher oil prices will help to replenish government coffers. China ...

Analysis from Cobus van Staden

Vaccine Crossroads

At present we’re in a moment of both hope and fear. The vaccines are finally rolling out, and with them, we’re seeing a glimmer of a post-COVID world. But is that only a mirage? The decisions that will decide that answer are being made now. A key one will be how to get a global rollout to happen faster. The longer it takes, and the more piecemeal it is, the more ...

Where Does China Buy Its Oil?

Africa's share of China's oil imports has been steadily declining over the past 15 years but the continent nonetheless remains Beijing's second-largest source of crude after the Persian Gulf. In 2008, according to George Washington University China-Africa scholar David Shinn, China imported close ...

China’s Decision To Hold on To Its Oil Assets in Sudan May Now Start To Pay Off

Sudan's oil industry is starting to rumble back to life, following this year's landmark peace agreement with rival South Sudan and a dramatic improvement in ties with the United States, which recently took Khartoum off its list of state sponsors of terrorism.

With Prices Low Again, China To Go on Another Oil Buying Binge That Will Help Some African Countries More Than Others

China's Ministry of Commerce is going to allow private companies and other "non-state entities" to buy 20% more oil next year in a move that will be enthusiastically welcomed by beleaguered oil-producing states, including many in Africa, currently suffering from persistently low prices. ...

China-Angola Debt Restructuring Deal Close Says Senior Official

The Angolan government is reportedly close to finalizing a deal with Chinese creditors to restructure the $20.1 billion of debts that Luanda owes Beijing, according to an unnamed senior government official quoted by Reuters. This is one of ...

Learning From South Sudan

We recently featured an article in our daily newsletter by South China Morning Post correspondent Jevans Nyabiage about the rapid decline of Africa's oil sales to China. In 2007, China bought about a third of its oil from African countries. Today, this share has shrunk to about ...
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