CHINA BOOSTS IMPORT
China, which uses more oil than any country except the U.S., raised daily crude imports to a record in April as a new refinery and stockpiling bolstered demand.
Overseas purchases increased to 27.88 million metric tons, according to data released today by the General Administration of Customs in Beijing. That's about 6.81 million barrels a day, up from the previous record of 6.66 million in January.
"China imported more crude probably to fill inventory and meet demand that will rebound in June following the maintenance season," Amy Sun, an analyst with ICIS-C1 Energy, said by phone from Guangzhou today.
Some of the overseas crude will go to refilling commercial inventories, Sun said. Stockpiles fell about 3 percent at the end of March from a month earlier, according to China Oil, Gas & Petrochemicals, published by the official Xinhua News Agency.
Imports also rose as Sinochem Group's Quanzhou refinery in southeast China ramps up processing after starting commercial operations last month, Sun said. The plant should run at about 90 percent of its 241,000 barrel-a-day capacity by June, up from 70 percent now, according to Sun.
April's record buying is also to fill the country's strategic petroleum reserves, according to Sijin Cheng, a commodities analyst at Barclays Plc. China will add 39 million barrels to emergency stockpile sites at Tianjin and Huangdao during the first half of this year, Cheng said in a note to clients today.
The nation returned to a net oil product importer in April with 2.54 million tons of imports and 2.2 million tons of exports, today's data show. Coal purchases were at 27.11 million tons and No. 5-7 fuel oil imports at 1.67 million tons.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.