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Exclusive: China buys up Saudi, Russian oil to squeeze Iran

Reuters -- (Reuters) - China is scouring the world for alternative oil supplies to replace a fall in its imports from Iran, as it seeks to negotiate lower prices from Tehran, and has been drawing heavily on Saudi Arabia.
Industry sources told Reuters that Beijing had bought the bulk of an increase in crude oil supplies from top oil exporter Saudi Arabia in the last few months.

The world's second-largest oil consumer is also importing more cargoes from West Africa, Russia and Australia to replace reduced supplies from Iran.

China is the top buyer of Iranian oil, taking around 20 percent of its total exports, but since January it has cut purchases by around 285,000 barrels per day (bpd), or just over half of the total daily amount it imported in 2011.

Saudi Arabian output reached 9.76 million barrel

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Submitted Feb 07, 2012 By: comprof

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DanMtz Champion Author Oakland Posts:1,532 Points:883,250 Joined:Oct 2009	Message Posted: Feb 8, 2012 8:30:16 PM Ignore DanMtz Report Abuse Squeeze away.
lyons_coop Veteran Author Kansas Posts:359 Points:92,910 Joined:Jan 2012	Message Posted: Feb 8, 2012 7:06:31 PM Ignore lyons_coop Report Abuse I'm sure this falls into strategic planning for the Chinese. Go elsewhere for now, wait for the Iranians to lower their prices, then lock in major purchases at the cheaper price.
RitaVespa Champion Author Oregon Posts:1,681 Points:452,335 Joined:Jan 2011	Message Posted: Feb 8, 2012 6:16:39 PM Ignore RitaVespa Report Abuse Doubt they are buying oil from Saudi Arabia to squeeze Iran. Probably looking for better price
FunMyster Veteran Author Indiana Posts:433 Points:45,750 Joined:Jul 2011	Message Posted: Feb 8, 2012 10:02:34 AM Ignore FunMyster Report Abuse I agree.
doctorindyj Champion Author Santa Fe Posts:2,261 Points:509,430 Joined:Nov 2009	Message Posted: Feb 8, 2012 10:01:35 AM Ignore doctorindyj Report Abuse I've said it before, just wait until China decides to start throwing their wight around.
justme888CA Sophomore Author California Posts:203 Points:142,150 Joined:Sep 2010	Message Posted: Feb 8, 2012 9:07:52 AM Ignore justme888CA Report Abuse China will be on top of this one
07skydriver Champion Author Ohio Posts:1,467 Points:630,675 Joined:Feb 2009	Message Posted: Feb 8, 2012 6:02:27 AM Ignore 07skydriver Report Abuse China knows Iran could screw things up for everybody.
BBopp Champion Author Dayton Posts:5,458 Points:1,680,505 Joined:Dec 2006	Message Posted: Feb 8, 2012 3:30:01 AM Ignore BBopp Report Abuse I have no doubt that China will come out on top of this play.
nurdco Champion Author Colorado Springs Posts:7,236 Points:1,334,310 Joined:Apr 2008	Message Posted: Feb 8, 2012 12:22:43 AM Ignore nurdco Report Abuse Corner the Market
chuckwthompson Champion Author Charlotte Posts:1,890 Points:217,535 Joined:Sep 2011	Message Posted: Feb 8, 2012 12:12:45 AM Ignore chuckwthompson Report Abuse Maybe they are on to something...
Bussman Champion Author Dallas Posts:4,138 Points:1,068,510 Joined:Nov 2008	Message Posted: Feb 7, 2012 11:56:04 PM Ignore Bussman Report Abuse Agreed Jeff4U.
Jeff4U Champion Author Atlanta Posts:6,566 Points:1,492,245 Joined:Nov 2004	Message Posted: Feb 7, 2012 11:54:45 PM Ignore Jeff4U Report Abuse This probably scares Iran more than all of the U.N. sanctions combined.
Double_Golden All-Star Author San Francisco Posts:745 Points:244,780 Joined:Aug 2011	Message Posted: Feb 7, 2012 11:49:05 PM Ignore Double_Golden Report Abuse you need to do what it need to do, buy cheap
sunyem Rookie Author Dallas Posts:14 Points:1,690 Joined:Feb 2011	Message Posted: Feb 7, 2012 11:24:10 PM Ignore sunyem Report Abuse Is anybody surprised by this?
Nicoalbum Champion Author Ottawa Posts:4,115 Points:829,630 Joined:Jan 2010	Message Posted: Feb 7, 2012 11:15:00 PM Ignore Nicoalbum Report Abuse Kind of unclear political game.
davenles Champion Author Texas Posts:1,391 Points:358,510 Joined:May 2011	Message Posted: Feb 7, 2012 10:36:55 PM Ignore davenles Report Abuse China is just practicing capitalism.
livable1 Champion Author New York Posts:2,323 Points:283,265 Joined:Oct 2008	Message Posted: Feb 7, 2012 10:33:07 PM Ignore livable1 Report Abuse No more war !
lesndave Champion Author Texas Posts:1,256 Points:342,755 Joined:May 2011	Message Posted: Feb 7, 2012 10:08:38 PM Ignore lesndave Report Abuse Great pos, BuckyTJones
my2002m Champion Author Tulsa Posts:4,264 Points:1,310,320 Joined:Jul 2008	Message Posted: Feb 7, 2012 10:05:53 PM Ignore my2002m Report Abuse China only does what is in their interest. They will eventually buy Iran's oil but at a discount. They are just angling like a vulture waiting to swoop in and take it.
VomVom Champion Author Calgary Posts:2,460 Points:1,294,420 Joined:May 2007	Message Posted: Feb 7, 2012 9:31:01 PM Ignore VomVom Report Abuse jeff1944, agree 100%.
VomVom Champion Author Calgary Posts:2,460 Points:1,294,420 Joined:May 2007	Message Posted: Feb 7, 2012 9:30:13 PM Ignore VomVom Report Abuse BuckyTJones, great post!
qwerty17 Champion Author New Jersey Posts:2,057 Points:774,300 Joined:Oct 2009	Message Posted: Feb 7, 2012 9:23:27 PM Ignore qwerty17 Report Abuse beware...
dh0770 Champion Author Colorado Posts:1,683 Points:323,335 Joined:Jun 2011	Message Posted: Feb 7, 2012 8:57:28 PM Ignore dh0770 Report Abuse I agree with BuckyTJones!
BuckyTJones Champion Author Salt Lake City Posts:3,127 Points:689,210 Joined:Mar 2010	Message Posted: Feb 7, 2012 8:24:26 PM Ignore BuckyTJones Report Abuse China is an equal opportunity consumer. They do whats best for China. I wish our leaders would do whats best for America! Quote of the Day: You can't get rich in politics unless you're a crook. - Harry S Truman
Venzadriver Champion Author Florida Posts:1,028 Points:290,150 Joined:Dec 2010	Message Posted: Feb 7, 2012 8:14:15 PM Ignore Venzadriver Report Abuse They don't care who they get their oil from.
Jeff1944 Champion Author South Dakota Posts:3,484 Points:775,305 Joined:Jan 2010	Message Posted: Feb 7, 2012 8:12:18 PM Ignore Jeff1944 Report Abuse So the greenies in this country are worried about China's human rights policies? Greenies have too much time on their hands and taxpayers money in their pockets to stall, stall and stall some more any hydroelectric, mining, drilling, logging or farming project using taxpayers money to pay their attorneys fees. Sick
ExplorerWA Champion Author Washington Posts:2,252 Points:436,640 Joined:Feb 2011	Message Posted: Feb 7, 2012 8:05:12 PM Ignore ExplorerWA Report Abuse When will we get serious about developing our own resources and getting off foreign oil and out of potential wars over it.
imcheep All-Star Author New Mexico Posts:789 Points:312,805 Joined:Apr 2005	Message Posted: Feb 7, 2012 7:22:31 PM Ignore imcheep Report Abuse Great! That's good.
TruthMatters All-Star Author New Jersey Posts:938 Points:201,845 Joined:Oct 2011	Message Posted: Feb 7, 2012 7:15:36 PM Ignore TruthMatters Report Abuse That's good to hear. Let's hope they keep it up.
amerk73 Champion Author Dallas Posts:5,233 Points:1,260,940 Joined:Oct 2008	Message Posted: Feb 7, 2012 6:57:07 PM Ignore amerk73 Report Abuse looks new game
TomT2Lee Champion Author Cincinnati Posts:4,220 Points:1,266,780 Joined:Sep 2005	Message Posted: Feb 7, 2012 6:34:55 PM Ignore TomT2Lee Report Abuse The masses don't get it. The game clock has just about run out...
baddog58 Champion Author Texas Posts:1,123 Points:582,575 Joined:May 2007	Message Posted: Feb 7, 2012 6:24:45 PM Ignore baddog58 Report Abuse Never thought I would say this but good for China.
Hoporrene Veteran Author Mississippi Posts:262 Points:125,220 Joined:Dec 2011	Message Posted: Feb 7, 2012 6:23:42 PM Ignore Hoporrene Report Abuse Looks like everybody got a plan but us...we need to do something about this