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2014-03-22 08:17:00

CHINA'S OIL IMPORT RISES

CHINA'S OIL IMPORT RISES

REUTRES. China's February crude oil imports from Iran rose 6 percent from a year ago to 552,613 barrels per day (bpd), customs data showed on Friday, keeping imports in 2014 close to levels before Western sanctions were applied more than two years ago.

Iran's exports have been rising the past four months, ever since the breakthrough November deal that eased some sanctions on Tehran in exchange for curbs on its nuclear programme.

 Under the temporary deal, Iran's exports are supposed to be held at an average 1 million barrels bpd for the six months to July 20. But shipments to Asia have topped that level at least since November, according to customs and ship tracking data.

 The increases have brought an official U.S. reminder to India that purchases are to be held at end-2013 levels. China may also be risking a crackdown if Washington feels economic pressure is being relaxed too quickly.

 China's oil shipments from Iran in the first two months of 2014 were at 558,877 bpd, up 36.2 percent from a year ago.

 On a daily basis, China's February imports of Iranian oil fell 2.1 percent from January's 564,536 bpd.

 The month-on-month fall is partly linked to data distortions as companies tend to book cargoes in advance of the week-long Chinese New Year holiday that began on Jan. 31 this year.

 The February crude arrivals are higher than a loading schedule seen by Reuters showing China lifted about 492,677 bpd in oil and condensate from Iran during January.

 In a sign of growing impatience in Washington with higher Iranian exports, Indian government sources said this month that their refiners would have to cut oil purchases from Tehran by nearly two-thirds from first-quarter levels after a U.S. energy official reminded them that Iranian import volumes were not to rise.

 Tehran denies claims from Washington and other Western capitals that its nuclear programme is aimed at building an atomic weapon, saying it is for power generation.

 China's Iranian oil imports have been rising in part due to condensate shipments by independently-run petrochemical firm, Dragon Aromatics, which has since the second half of 2013 been buying condensate from Iran as feedstock.

 For 2014, China may have trouble holding down its Iranian oil imports as state-run trader Zhuhai Zhenrong Corp is negotiating a new condensate contract.

Tags: OIL, CHINA, IRAN

Chronicle:

CHINA'S OIL IMPORT RISES
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

CHINA'S OIL IMPORT RISES
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

CHINA'S OIL IMPORT RISES
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

CHINA'S OIL IMPORT RISES
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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