CHINA'S OIL IMPORTS UP
China's crude oil imports in February rose 20.2 percent on a daily basis compared to same month last year, reaching a new record, official customs data showed on Tuesday.
February's imports also jumped 19.1 percent on the previous month to hit 31.80 million tonnes, or 8.0 million barrels per day (bpd) C-CNIMP-PRM.
"Higher teapot demand and stronger refining margins which encouraged higher refinery throughputs have contributed to increased imports," said Virendra Chauhan, oil analyst at Energy Aspects in Singapore.
"Falling domestic crude production is also supportive."
China's imports reached a previous record of 7.81 million bpd in December, closing out 2015 with an average 6.71 million bpd - a figure well above China's still growing demand for oil.
China took advantage of low global oil prices last year to add up to 185 million barrels to its reserves, Reuters calculations show, while oil demand - refinery throughput plus net imports of oil products - grew 3.1 percent.
Commodity analyst ICIS said last week it expected China's crude oil imports to rise 6.2 percent in 2016, and apparent oil demand to grow 3.2 percent.
Yao Li, chief executive of Beijing-based consultancy SIA Energy, said last week that China is expected to import 860,000 bpd more crude this year, with fuel exports rising by 330,000 bpd.
The February volumes were more than a million bpd higher than an earlier estimate by Thomson Reuters Oil Research and Forecasts. March imports are forecast at under 7 million bpd.
Fuel exports in February rose 71.8 percent on a daily basis compared to the same month last year, reaching 2.99 million tonnes, or 721,700 bpd, after hitting a record 975,500 bpd in December, as China continues to export more diesel amid weakening domestic demand for the industrial fuel.
Net fuel exports were 350,000 tonnes in February C-FUEXP-PRM.
|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.