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2018-03-14 11:20:00

CHINA'S OIL PRODUCTION DOWN

CHINA'S OIL PRODUCTION DOWN

REUTERS -  China's crude oil production in January and February fell 1.9 percent from a year ago to match a record low marked last August, data showed on Wednesday.

Many of the nation's oil fields are aging after years of use, while high production costs are also crimping output.

The country churned out 30.37 million tonnes of crude in the first two months of the year, according to data from he National Bureau of Statistics, equivalent to 3.76 million barrels per day (bpd) and on a par with the weakest level in data stretching back to June, 2011.

That came as crude output from the country's top producer, China National Petroleum Corp (CNPC) [CNPET.UL], dropped 1.6 percent in the first two months of 2018 compared with a year ago, a source with direct knowledge of the matter said on Wednesday.

CNPC is aiming to produce around 100 million tonnes of crude oil, or around 2 million bpd, in 2018, the same as its target for last year, the source said. He declined to be identified as he was not authorized to speak with media.

He added that the company had reduced production at some fields and expected domestic output to decrease gradually.

CNPC's major Daqing oil field in northern China has scaled back production at costly and aging wells. Its output dropped 7 percent in 2017.

The NBS data also showed China's oil refinery throughput rose 7 percent in the first two months of 2018 from a year earlier to 93.4 million tonnes, or 11.56 million bpd. That was the third highest on record, showing strong demand for fuel ahead of last month's Lunar New Year festival.

The bureau did not publish a monthly breakdown.

Natural gas production climbed 4.9 percent in January and February from a year earlier to 26.2 billion cubic meters, the bureau said.

"Output is still well short of gas needs and growth targets. China's gas output is expected to rise to the highest level on record in 2018," BMI Research said in a note, adding that annual output should rise by 8 percent.

The nation has been pushing to switch millions of households to gas for heating, part of its drive to clean up the environment.

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Earlier:

 S-E.Asia
2018, March, 12, 08:45:00

U.S. - CHINA TRADE WAR

REUTERS - China’s metals industry issued the country’s most explicit threat yet in the row, urging on Friday for the government to retaliate by targeting U.S. coal - a sector that is central to Trump’s political base and his election pledge to restore American industries and blue-collar jobs.

 

 S-E.Asia
2018, March, 5, 11:25:00

SOUTH CHINA SEA OIL

REUTERS - Any deal between the Philippines and a Chinese firm to jointly explore for gas in the Reed Bank of the South China Sea will be illegal unless China recognizes the southeast Asian nation’s sovereign rights there, a Philippine judge said on Monday.

 

 S-E.Asia
2018, February, 27, 13:50:00

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.

 

 S-E.Asia
2018, February, 27, 13:40:00

CHINA'S LNG IMPORTS UP BY 46%

EIA - China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS Markit and official Chinese government statistics. Chinese imports of LNG averaged 5 billion cubic feet per day (Bcf/d) in 2017, exceeded only by Japanese imports of 11 Bcf/d. Imports of LNG by China, driven by government policies designed to reduce air pollution, increased by 1.6 Bcf/d (46%) in 2017, with monthly imports reaching 7.8 Bcf/d in December.

 

 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.

 

 

 

Tags: CHINA, OIL, PRODUCTION
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Chronicle:

CHINA'S OIL PRODUCTION DOWN
2018, September, 21, 10:25:00

U.S. ENERGY CASH: $119 BLN

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2018, September, 21, 10:20:00

WORLD OIL DEMAND: 100.23 MBD

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

CHINA'S OIL PRODUCTION DOWN
2018, September, 21, 10:15:00

IRAQ'S OIL: NO RECORD

ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.

CHINA'S OIL PRODUCTION DOWN
2018, September, 21, 10:10:00

NATURAL GAS EXPORT UP

PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.

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