BEIJING: China’s crude oil imports from Saudi Arabia rose 43 percent in April, making the Middle Eastern OPEC kingpin once again the top supplier to the world’s second-biggest economy, boosted by demand from new private refiners.
Saudi imports grew to 6.30 million tons, or 1.53 million barrels per day (bpd) on a daily basis, compared with 1.07 million bpd in the year ago period, according to data from the General Administration of Customs released on Saturday.
Saudi shipments were supported by higher refinery run rates at Hengli Petrochemical Co. Ltd, with production at the 400,000 bpd-capacity refinery in northeast China expected to reach optimal levels in late June. About 70 percent of the feedstock for Hengli came from Saudi Arabia.
Meanwhile Russian supplies were 6.12 million tons, or 1.49 million bpd, up from 1.35 million bpd in April last year.
China in April imported 3.24 million tons of crude oil from Iran, or 789,137 bpd, up from March’s 541,100 bpd, as companies ramped up buying before the scrapping of sanctions waivers the US had granted to big buyers of Iranian oil.
China Petrochemical Corp. (Sinopec Group) and China National Petroleum Corp. (CNPC), the country’s top state-owned refiners, are halting Iranian oil purchases for loading in May, three people with knowledge of the matter said.
Venezuela shipments stood at 1.9 million tons, or 462,813 bpd in April, up 85 percent versus 249,700 bpd in March, while crude imports from Iraq were 3.31 million tons, or 806,372 bpd, down from 904,500 bpd the previous month.
China’s crude oil imports from Saudi Arabia up 43%
China’s crude oil imports from Saudi Arabia up 43%
- Imports grew to 1.53 million barrels per day compared with 1.07 million a year ago
- Sinopec Group and China National Petroleum Corp., the country’s top state-owned refiners, are halting Iranian oil purchases for loading in May, three people with knowledge of the matter said
Bahrain to roll out fiscal reforms to bolster public finances
RIYADH: Bahrain’s government has unveiled a comprehensive package of fiscal reforms aimed at curbing public expenditure, generating new revenue streams, and safeguarding essential subsidies for citizens.
According to a report by the Bahrain News Agency, the measures include increases in fuel prices, higher electricity and water tariffs for certain categories, and greater dividend contributions from state-owned enterprises.
The Cabinet emphasized that electricity and water prices will remain unchanged for the first and second tariff bands for citizens’ primary residences, including homes accommodating extended families.
These reforms are aligned with Bahrain’s Economic Vision 2030, which seeks to reinforce fiscal discipline, diversify revenue sources beyond crude oil, and ensure long-term fiscal sustainability.
“The Cabinet confirmed that electricity and water tariffs for the first and second tariff bands for citizens’ primary residences will remain unchanged, taking into account extended families residing in a single household,” BNA reported.
The Cabinet also agreed to defer any changes to the subsidy mechanisms for electricity and water used in citizens’ primary residences until further studies are completed. At the same time, it approved amendments to electricity and water consumption tariffs for other categories, with implementation scheduled to begin in January 2026.
Under the proposed reforms, a 10 percent corporate income tax will be levied on companies with revenues exceeding 1 million Bahraini dinars ($2.6 million) or annual net profits above 200,000 dinars.
The new corporate tax framework is expected to come into force in 2027, subject to the completion of necessary legislative and regulatory approvals.
In addition, Bahrain plans to increase natural gas prices for businesses and reduce administrative government spending by 20 percent as part of broader cost-cutting efforts.
The government also aims to improve the utilization of undeveloped investment land that already has infrastructure in place by introducing a monthly fee of 100 fils per square meter, with implementation anticipated in January 2027.
The Cabinet further tasked the ministers of labor, legal affairs, and health with reviewing fees related to worker permits and health care services.
According to the report, revised fees will be phased in gradually over a four-year period starting in January 2026, with domestic workers exempt from the changes.
Authorities stressed that the reforms are designed to streamline government procedures that support investment, attract foreign capital, and strengthen the role of the private sector in driving economic growth.
