2022-03-21 12:10:00
RUSSIAN OIL TO CHINA DOWN
PLATTS - 21 Mar 2022 - China's crude imports from Russia fell 9.1% year on year to 12.67 million mt, or 1.6 million b/d, over January-February, data from the General Administration of Customs showed March 20, as independent refineries slowed buying because of narrowing margin and utilization cap amid the Beijing Olympics.
The decline in Russian crude inflows exceeded the 4.9% year-on-year reduction in China's total crude imports during the same period. The trend is likely to persist amid weak refining margin and trade uncertainty due to the Russia-Ukraine war.
Russian inflows to China hit a nine-month low of 1.42 million b/d in February, down 26.1% year on year and more than 25% month on month. Russian volumes were last lower at 1.29 million b/d in May 2021, GAC data showed.
Crude supplies from Russia fell to the second spot in the first two months, behind Saudi Arabia, which delivered 14.61 million mt, or 1.76 million b/d, of crude during the period.
China's Iranian crude inflows in January were at 259,937 mt, or 61,463 b/d, according to the country's official data.
Iranian crude cargoes were likely stored in strategic petroleum reserves by Sinopec in Zhanjiang city, southern Guangdong province, according to Kpler data.
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Earlier:
2022, March, 15, 15:20:00
RUSSIA IS A KEY
In 2021, Russia was the largest natural gas-exporting country in the world, the second-largest crude oil and condensates-exporting country after Saudi Arabia, and the third-largest coal-exporting country behind Indonesia and Australia.
2022, March, 15, 15:10:00
RUSSIA NEED INDIAN INVESTMENT
"Russia's oil and petroleum product exports to India have approached $1 billion, and there are clear opportunities to increase this figure," said Russia's Deputy Prime Minister Alexander Novak, according to a statement shared by Russia's embassy in India late on Friday.
2022, March, 14, 11:50:00
RUSSIA GUARANTEES ENERGY SECURITY
"Russia remains a reliable supplier, a world-class guarantor of energy security. We value this reputation, but are ready for a harsh confrontation in the energy sector, if the need arises,"
2022, February, 15, 14:05:00
CHINA'S ENERGY EFFICIENCY UP
NDRC in the Feb. 11 guidance focused on energy saving and decarbonization of energy-intensive industries including steel, ferroalloy and nonferrous metals sector.
2022, January, 18, 13:00:00
CHINA OIL IMPORTS DOWN BY 5%
In 2021, China imported 513 Mt of crude oil (-5.4% compared to 2020), 27 Mt of refined products (-4%), 323 Mt of coal and lignite (+6.6%) and 121 Mt of natural gas (+19.9%),
2022, January, 14, 12:00:00
CHINA OIL IMPORTS RISE TO 10.9 MBD
The country's total crude imports averaged 10.3 million b/d in 2021, falling 5.4% year on year amid destocking activities.
2021, December, 27, 11:50:00
RUSSIA'S OIL PRODUCTION WILL UP TO 11 MBD
The country's oil production is set to reach the pre-pandemic level by May next year, as the OPEC+ alliance continues to increase output monthly to meet rising demand.
