Who is China's Top Oil Supplier?
If you guessed Saudi Arabia, you guessed wrong. According to Bloomberg, "Angola passed Saudi Arabia to become China's top oil supplier in February as the world's fourth-largest economy turned to Africa to meet rising demand."
http://tinyurl.com/s4swo
Because China's oil companies have access to deep state pockets, they can go after projects in volatile places like Africa that U.S. companies can't or won't touch. And now it's starting to pay off bigtime.
From the article: "Production in Angola, sub-Saharan Africa's second-largest exporter behind Nigeria, may reach 2 million barrels a day by 2008 from 1.25 million in 2005 as new fields come on stream, according to a U.S. Energy Information Administration January report."
http://tinyurl.com/s4swo
Because China's oil companies have access to deep state pockets, they can go after projects in volatile places like Africa that U.S. companies can't or won't touch. And now it's starting to pay off bigtime.
From the article: "Production in Angola, sub-Saharan Africa's second-largest exporter behind Nigeria, may reach 2 million barrels a day by 2008 from 1.25 million in 2005 as new fields come on stream, according to a U.S. Energy Information Administration January report."
Check out my new gold and energy blog at MoneyAndMarkets.com
posted by Sean Brodrick @ 6:50 PM
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