SAUDIS OIL FOR CHINA: +20%
PLATTS - China's crude oil imports from Saudi Arabia in February rose 19.5% month on month to 1.21 million b/d, or 4.64 million mt, making it the second-largest supplier, data released by the General Administration of Customs on Tuesday showed.
Its imports of Saudi crude were the lowest in five months in January.
The steep month-on-month rise in barrels per day is because of February being a shorter month with 28 days.
Russia remained China's top crude supplier in the month with 1.32 million b/d, despite a 1.3% fall in imports from the country month on month.
China's overall crude oil imports declined 12.1% month on month, but rose 1.5% from a year ago to 8.45 million b/d in February.
Over the first two months of the year, the country's crude imports gained 10.8% on the year to 9.06 million b/d amid high imports from Russia, Brazil, Kuwait and the US.
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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.