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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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Brent Crude

A Huge Decline In Oil Replacement Ratio

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Oil and gas companies have discovered 7.7 billion barrels of oil equivalent (boe) year-to-date, according to Rystad Energy’s latest global discoveries report.

This means that only 1 bbl out of every six consumed is being replaced by new sources. This is the lowest replacement ratio we have witnessed in the last 2 decades,” Shenga added

https://oilfieldforums.com/threads/oil-industry-only-replaces-1-in-6-barrels.132/

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Commodities

For eighth straight session U.S. crude oil keeps going lower

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Equities have snapped back from sharp early losses but not so much for crude oil (USO -1.1%), as WTI is on track for its eighth straight down day amid global economic growth slowdown, oil demand and signs of excess supply; November WTI -1.4% to $51.89/bbl. – seekingalpha

Saudi Arabia energy minister Prince Abdulaziz bin Salman says the country has fully restored production after last month’s attacks on its facilities and is now focusing on Aramco’s listing. – fracnews.com

Crude oil markets show support

The $50 level underneath will probably be attempted but a short-term bounce may happen between now and then.  The $55 level underneath is massive support, so breaking down below there would not only break the bottom of a hammer.  – finance.yahoo.com

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