RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2016-05-05 19:00:00

CHINA & U.S. REBALANCING

CHINA & U.S. REBALANCING

 

CHINA USA OIL CONSUMPTION 2008 - 2016

 

China's falling oil output and sliding U.S. production may help rebalance a market struggling to recover from the worst price crash in a generation.

Output from China, the world's fifth-largest producer, will average 4.05 million barrels a day this year, down about 253,000 barrels a day from 2015, analysts at the bank including Nicholas Snowdon wrote in a research report. The Energy Information Administration last month trimmed its U.S. crude production outlook for this year to 8.6 million barrels a day.

"China cannot rebalance the global oil market on its own, but China and the U.S. together are doing most of this work," the analysts wrote. "The swing from growth to decline in domestic output means that China's net pull on the oil market will likely increase this year, despite slower demand growth."

Brent crude, the global benchmark, has rallied 60 percent from its 12-year low in January on supply disruptions ranging from pipeline attacks to field shutdowns. Prices were little changed at $44.96 a barrel as of 1:18 p.m. in Hong Kong.

Big 3 Cuts

PetroChina Co., the country's biggest producer, sees oil and gas output falling the first time in 17 years as it shuts high-cost fields that have "no hope" of profits, Wang Dongjin, the company's president, said in March. The company expects crude production this year at 924.7 million barrels, down 4.9 percent.

Cnooc Ltd. sees oil and gas output slipping as much as 5.2 percent to as low as 470 million barrels of oil equivalent this year after it surged 15 percent in 2015. China Petroleum & Chemical Corp., known as Sinopec, reported in January that oil and gas output fell for the first time in 16 years and that it will close high-cost fields.

China lags the U.S., Russia, Saudi Arabia and Canada in oil production, according to the International Energy Agency. The country's National Energy Administration said last month that output will slide 6.9 percent to 200 million metric tons this year (about 4.01 million barrels a day).

"High costs, reduced capex and mounting decline rates in the mature fields that have supported China's domestic output for decades have combined to pull output down," the Standard Chartered analysts wrote in the report published Tuesday.

Record Imports

China's crude imports climbed to a record 7.34 million barrels a day in the first quarter, up 13 percent from the same period last year, as higher refining margin encouraged oil processors to boost purchases.

U.S. output has fallen 13 of the last 14 weeks to 8.9 million barrels a day as April 22, extending its decline after last year reaching the highest in more than 40 years.

boereport.com

-----

Earlier: 

CNOOC DOWN 30% 

U.S. RIGS DOWN 11 

СОТРУДНИЧЕСТВО КИТАЯ И РОССИИ 

U.S. OIL PRODUCTION DOWN 

CHINA'S OIL IMPORTS UP 

U.S. PRODUCTION DOWN 

CHINA'S ENERGY SECURITY 

U.S. LOSSES 

SINO-RUSSIAN COOPERATION 

 

 

 

Tags: CHINA, USA, OIL, GAS, MARKET, PRICES
Chronicle:
CHINA U.S. REBALANCING
2021, September, 22, 12:25:00
ENERGY TRANSITION TO CARBON NEUTRALITY AS A FACTOR OF UNPRECEDENTED ACCELERATION OF GLOBAL WARMING
The article reveals the reasons for the unprecedented acceleration of global warming, which was reported by the IPCC in the report "Climate Change 2021", offers proposals for their elimination, as well as for eliminating their consequences.
CHINA U.S. REBALANCING
2021, September, 21, 13:10:00
OIL PRICE: NEAR $75
Brent gained 95 cents or 1.3% to $74.87 a barrel , WTI was up 91 cents or 1.3% at $71.20.
CHINA U.S. REBALANCING
2021, September, 21, 13:05:00
ЭНЕРГЕТИЧЕСКОЕ ВЗАИМОДЕЙСТВИЕ РОССИИ, ТУРЦИИ
Энергетическое взаимодействие России и Турции поступательно развивается по всем направлениям энергетики, её опорным точками остаются вопросы развития поставок энергоресурсов - нефти и нефтепродуктов, а также природного газа по газопроводу “Турецкий поток”.
CHINA U.S. REBALANCING
2021, September, 21, 13:00:00
ГЛОБАЛЬНЫЙ ЭНЕРГОПЕРЕХОД В РОССИИ
Правительство начинает подготовку плана адаптации российской экономики к глобальному энергопереходу – сокращению использования традиционных видов топлива на фоне активного развития альтернативной энергетики
CHINA U.S. REBALANCING
2021, September, 21, 12:55:00
НОВАЯ ЭНЕРГЕТИКА РОССИИ
При актуализации генеральной схемы размещения объектов электроэнергетики Минэнерго руководствуется необходимостью сохранения баланса в структуре российской генерации, делает ставку на гидроэнергетику и атомные электростанции
CHINA U.S. REBALANCING
2021, September, 21, 12:50:00
RUSSIAN GAS FOR TURKEY +153%
From January 1 through September 19, 2021, Gazprom delivered 20.3 billion cubic meters of gas to Turkey. This is an all-time high amount of gas for this period and an increase of 153 per cent (or 12.3 billion cubic meters) against 2020 (8 billion cubic meters).
CHINA U.S. REBALANCING
2021, September, 21, 12:45:00
MORE RUSSIAN GAS
"Gazprom delivers natural gas to its customers in full accordance with existing contractual obligations, and does everything within its capabilities to meet additional requests,"
All Publications »