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2018-02-27 13:50:00

U.S. - CHINA OIL RECORD

U.S. - CHINA OIL RECORD

PLATTS - China's crude oil imports from the US hit a new record high at 2.01 million mt or 474,450 b/d in January, General Administration of Customs data showed Monday.

The volume was significantly higher than the last record high of 1.18 million mt or 289,443 b/d registered in November last year.

Unipec, the trading arm of Asia's largest refiner Sinopec, said it would raise its shipments from the US to China by around 80% to 10 million mt in 2018, from 5.57 million mt last year, Sinopec said on the mobile app WeChat Monday.

The volume brought in by Unipec accounted for 72.8% of China's total US crude imports in 2017, and 10% of US crude exports, making it the largest trading company for US crudes in the Asia Pacific, Sinopec said.

China imported 7.65 million mt of US crude in 2017, averaging 153,709 b/d.

Almost 40% of US crude exports have gone to China in 2017 compared to around 20% the previous year, according to Platts estimates.

Sinopec said more than 10 of its refineries in China have processed US crude grades, as they diversify feedstock sources.

Moreover, the US has been improving its infrastructure for exporting crude. Sinopec expects to see more VLCC cargoes directly exported from the US in the near future.

The Shaden, the first VLCC to directly load a crude cargo at the Louisiana Offshore Oil Port, departed the terminal February 18 carrying US crude to China, S&P Global Platts trade flow software cFlow showed.

According to cFlow, the tanker is estimated to arrive at Rizhao port early April, which is a key port in eastern China shared by Sinopec's refineries in the central and independent refineries in the east.

Crude has been exported on VLCCs from the US Gulf Coast via reverse lightering operations, with smaller vessels carrying the cargo to load the carriers offshore.

The LOOP terminal is currently the only US port capable of fully loading a VLCC.

Loading a VLCC via lightering typically requires three to four Aframaxes to perform offshore ship-to-ship transfers. Direct loading of a VLCC would cut out the lightering operations.

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Earlier:

 S-E.Asia
2018, February, 12, 07:30:00

U.S. LNG FOR CHINA

FT - The 25-year deal with China National Petroleum Corporation means Cheniere has pulled ahead in the race to develop a new wave of US LNG export projects to come on stream in the 2020s.

 

 S-E.Asia
2018, February, 7, 08:10:00

CHINA: THE WORLD'S LARGEST

EIA - China surpassed the United States in annual gross crude oil imports in 2017, importing 8.4 million barrels per day (b/d) compared with 7.9 million b/d for the United States. China had become the world’s largest net importer (imports minus exports) of total petroleum and other liquid fuels in 2013. New refinery capacity and strategic inventory stockpiling combined with declining domestic oil production were the major factors contributing to the recent increase in China’s crude oil imports.

 

 S-E.Asia
2018, February, 7, 08:05:00

RUSSIAN OIL TO CHINA UP

PLATTS - "We estimate that Russian crude inflows to China will likely grow by at least 11% in 2018. There will also be additional availability in the seaborne market, as PetroChina will take almost all its barrels through the doubled capacity pipelines," said Wang Zhuwei, senior analyst with S&P Global Platts China Oil Analytics.

 

 S-E.Asia
2018, February, 2, 12:20:00

HEAVY ASIAN DEMAND

PLATTS - Asian demand for oil products will outweigh current and upcoming refinery capacity by 2025, Tushar Tarun Bansal, Director at McKinsey, told attendees at S&P Global Platts annual Middle Distillates Conference in Antwerp Thursday.

 

 S-E.Asia
2018, February, 2, 12:15:00

CHINA'S OIL INVESTMENT UP

BLOOMBERG - The Beijing-based explorer sees capital expenditures at 70 billion to 80 billion yuan ($11.1 billion to $12.7 billion) for 2018, it said in a statement to the Hong Kong stock exchange Thursday. That’s an increase of as much as 60 percent from the previous year, which came in under target. It also raised its production estimate to between 470 million and 480 million barrels of oil equivalent, poised for the the first increase in three years.

 

 S-E.Asia
2018, January, 26, 12:25:00

CHINA'S ARCTIC ROAD

REUTERS - “China hopes to work with all parties to build a ‘Polar Silk Road’ through developing the Arctic shipping routes,” the paper, issued by the State Council Information Office, said.

 

 S-E.Asia
2018, January, 17, 23:40:00

CHINA'S OIL DEMAND UP 4.6%

PLATTS - China's apparent oil demand is expected to rise 4.6% year on year to hit 600 million mt (12.05 million b/d) in 2018, with net crude imports to increase 7.7% to 451 million mt, according to a report released Tuesday by state-owned China National Petroleum Corp.'s Economics and Technology Research Institute.

Tags: USA, CHINA, OIL