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2018-05-08 10:55:00

CHINA'S OIL IMPORTS UP TO 9.64 MBD

CHINA'S OIL IMPORTS UP TO 9.64 MBD

BLOOMBERG - China bought record volumes of crude last month as some refiners made purchases anticipating disruptions to being able to transport oil during an international summit next month. The world’s biggest oil buyer imported 9.64 million barrels a day in April, according to data released by Beijing-based General Administration of Customs on Tuesday. That’s about 4 percent higher than March and beat a previous record of 9.61 million barrels per day reached in January. For the month of April, total purchases were 39.46 million metric tons.

"Refiners, especially teapots, are restocking ahead of the Shanghai Cooperation Organization meeting when road transport of hazardous petrochemical products will be presumably curbed," affecting both crude and oil products, Jean Zou, an analyst with commodities researcher ICIS-China, said by phone. The summit is due to be held in June in Qingdao, according to the Ministry of Foreign Affairs. Many independent refiners, known as teapots, use trucks to take crude oil to their refineries from ports, she said.

Major processors across the nation also increased imports as they sought to build stockpiles before peak maintenance season in the second quarter and as demand is likely to increase during summer, Michal Meidan, an analyst with London-based Energy Aspects, said before the data release.

China's net exports of oil products fell 46 percent from a March record of 3.94 million tons to 2.11 million tons last month, according to the customs data.

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Earlier:

 CHINA'S OIL DEMAND UP 6.8%
2018, May, 4, 15:25:00

CHINA'S OIL DEMAND UP 6.8%

PLATTS - China ended the first quarter of 2018 with robust apparent oil demand growth of 6.8% year on year, as stronger-than-expected GDP growth boosted consumption from the industrial and construction sectors and outweighed concerns over rising oil prices

 NEW CHINA'S OIL
2018, April, 27, 10:50:00

NEW CHINA'S OIL

EIA - As Asia-Pacific oil demand continues to grow, some market participants believe the region needs an oil price benchmark based on local supply and demand conditions. Last month marked the beginning of trading for the new Shanghai crude oil futures contract in China. For the Shanghai contract to become an accepted regional benchmark, it will have to attract a wide variety of market participants, and its usage for price discovery must be established.

 RUSSIA - CHINA OIL MAXIMUM
2018, April, 25, 10:10:00

RUSSIA - CHINA OIL MAXIMUM

REUTERS - Russia was China’s largest crude oil supplier in March, data showed on Tuesday, retaining the lead spot for a 13th consecutive month.

 U.S. - CHINA CONCESSIONS
2018, April, 9, 11:30:00

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REUTERS - On Tuesday, Washington unveiled some $50 billion worth of proposed tariffs on Chinese imports and on Thursday Trump upped the ante, directing U.S. trade officials to identify tariffs on another $100 billion of Chinese imports. He said this was “in light of China’s unfair retaliation” against the earlier U.S. trade action. China responded by saying it was fully prepared to respond with a “fierce counter strike” if the United States followed through on the new threat.

 SOUTH CHINA SEA TENSION
2018, April, 4, 09:20:00

SOUTH CHINA SEA TENSION

BLOOMBERG - Vietnam’s state-owned oil company said South China Sea tensions will hurt oil and gas exploration and efforts to attract foreign investment to offshore fields.

 SAUDIS OIL FOR CHINA: +20%
2018, March, 28, 11:05:00

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.

 SINOPEC INVESTMENT WILL UP
2018, March, 26, 07:45:00

SINOPEC INVESTMENT WILL UP

REUTERS - In a statement to the Shanghai Stock Exchange, Sinopec said it had allocated 117 billion yuan of capital expenditure for 2018, up from an actual spend of 99.38 billion yuan last year. That includes a 55 percent hike in upstream spending to 48.5 billion yuan, as China’s biggest refiner looks to make the most of a rally in oil prices since early February to over $70 a barrel.

Tags: CHINA, OIL, IMPORTS