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China’s new refineries spur demand – Crude oil imports are up

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A new plant owned by Hengli Petrochemical (600346.SS), capable of processing 400,000 barrels per day (bpd) of crude, reached full operations in late May, while a similar-sized plant owned by Zhejiang Petrochemical has started trial runs.

* China June crude oil imports at 39.88 mln tonnes – RTRS calculation

June imports by the world’s largest crude oil importer came in at 39.58 million tonnes, according to data from the General Administration of Customs.

That works out to 9.63 million bpd, up 1.7% from 9.47 million bpd level in May and up from 8.36 million bpd a year ago.

For the first six months of 2019, crude imports grew 8.8% from a year earlier to 244.6 million tonnes or about 9.87 million bpd.  READ MORE – reuters.com

At the same time, Senior administration officials said that China defied U.S. sanctions when it imported more than a million barrels of crude oil from Iran last month. But they are grappling with whether — and how — to hit back, according to three U.S. officials.

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Commodities

Crude Oil Slumps – On Recession Fears And Oversupply Concerns

Amidst the declining economic growth and OPEC+’s supply cuts, oil industry braces for possible economic headwinds.

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The recent streak of oil market dips has been due to a faltering global demand for oil as a result of the trade war and oversupply concerns.

The Recession Fears
Oil prices weakened on Thursday as worries about the global economy weighed and equity markets were under pressure as uncertainty over the outlook for U.S. interest rate cuts left investors on edge. – cnbc.com

Adding to the Oversupply Concerns.
The US will sell another 10 million barrels of sour crude oil, the Department of Energy said on Wednesday in a Notice of Sale, according to S&P Global Platts. – oilprice.com

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Commodities

More Countries are turning to China for Help

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Libya NOC representatives traveled to China today to discuss China’s interest in helping to restore Libya’s oil industry that has suffered through years of civil unrest, according to the Libya Observer.

While there, the Libyan delegation met with CNPC and other companies to discuss “cooperation in Libyan exploration and development, oilfield services, and trading of Libyan crude, with parties, potentially cementing future relations through the signature of a memorandum of understanding (MoU) at their next meeting,” NOC’s statement read.

“With a more stable security environment, we could easily add between 300-400,000 barrels to daily production and grow oil revenue receipts. Our long-term strategy is to produce 2.1 million bpd by 2023. China can help us on that journey,” NOC Chairman Mustafa Sanallah said. – https://oilfieldforums.com

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