China drives global oil demand growth during pandemic
4 years ago

China drives global oil demand growth during pandemic

China Daily  

The Zhongke Refinery and Petrochemical Project Co Ltd in Zhanjiang, Guangdong province. NEW YORK -- China, with its rising refining industry, has driven global oil demand as the COVID-19 pandemic slashed it, and is emerging in the global refining industry shift, according to the International Energy Agency. Bloomberg quoted the agency as saying that as the demand for plastics and fuels grows in China and the rest of Asia, where economies are quickly rebounding from the pandemic, the refining capacity in China has been expanded. The agency predicted that as early as next year, China will surpass the United States that has been at the top of the refining pack since the start of the oil age in the mid-19th century. China's commercial oil stockpiling sector bought large storage in 2020 and delivered big profits for operators, traders and refiners worldwide.

China  pandemic  international  fuels  oil  china  refining  growth  demand  guangdong  industry  drives  refiners  global

History of this topic

China’s EV boom is starting to pinch oil producers
1 day, 20 hours ago

China’s EV boom is starting to pinch oil producers

Live Mint  

The country has long been the thirstiest consumer of crude. While China’s overall oil demand still appears stable, its composition is shifting gears rapidly. Gasoline and diesel demand seems to have peaked: China’s total demand for these transportation fuels in 2024 will be 3.6% lower than in 2021, according to IEA estimates. Diesel and gasoline accounted for 44% of China’s …

2024 turning point for country's refined oil market
1 week, 1 day ago

2024 turning point for country's refined oil market

China Daily  

A drilling platform in Kaiping South Oilfield in the South China Sea in December 2023. China's economic structural transformation and the rapid rise of renewables will make 2024 a turning point for the country's refined oil market, with demand set to shrink for the first time, industry experts say. Due to the accelerated replacement of traditional energy with renewable sources …

Global energy giants ramp up China presence
3 weeks, 1 day ago

Global energy giants ramp up China presence

China Daily  

A view of Dow's booth during the seventh CIIE in Shanghai on Nov 5. CHINA DAILY The rapid growth in China's petrochemicals output, part of the nation's drive for self-sufficiency and to climb up the global value chain, is reshaping global oil demand and drawing greater interest from multinational companies seeking a foothold in the world's largest consumer market, said …

Global energy giants ramp up China presence
3 weeks, 1 day ago

Global energy giants ramp up China presence

China Daily  

A view of Dow's booth during the seventh CIIE in Shanghai on Nov 5. CHINA DAILY The rapid growth in China's petrochemicals output, part of the nation's drive for self-sufficiency and to climb up the global value chain, is reshaping global oil demand and drawing greater interest from multinational companies seeking a foothold in the world's largest consumer market, said …

China crude oil imports set for November rebound, but it’s price not demand: Russell
1 month ago

China crude oil imports set for November rebound, but it’s price not demand: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, Nov 21 - China's crude imports are on track to rebound in November to the highest in three months, but the increasing appetite of the world's largest oil importer is more about price than rising demand. Crude oil arrivals may reach around 11.4 million barrels per day this month, the most since August and the …

Petroleum demand forecast to peak by 2029
1 month ago

Petroleum demand forecast to peak by 2029

China Daily  

Sinopec employees check CCUS equipment operations in Dongying, Shandong province. Amily Guo, the China refining and chemicals analyst at UBS Securities, said factors influencing petroleum demand in China include the rapid rise of electric vehicles, liquefied natural gas powered heavy trucks, and the adoption of new energy sources like hydrogen. "In summary, considering the varied growth trends of different petroleum …

Petroleum demand forecast to peak by 2029
Trending News
1 month ago

Petroleum demand forecast to peak by 2029

China Daily  

Financial services provider UBS Securities recently predicted a peak in Chinese petroleum demand by 2029 and negative growth after 2030. Amily Guo, the China refining and chemicals analyst at UBS Securities, said factors influencing petroleum demand in China include the rapid rise of electric vehicles, liquefied natural gas powered heavy trucks, and the adoption of new energy sources like hydrogen. …

China’s surplus crude oil eased in October, but this is still bearish: Russell
1 month, 1 week ago

China’s surplus crude oil eased in October, but this is still bearish: Russell

Live Mint  

By Clyde Russell SYDNEY, Nov 18 - China's crude oil surplus nearly halved in October, but this was a further sign of weakness as both imports and refinery runs dipped. But there is also a structural shift underway in China's crude oil demand, with the rapid uptake of what Beijing terms new energy vehicles, which include full electric vehicles and …

China's weak oil demand may lead to global surplus of 1 mn barrels: How would crude prices react?
1 month, 1 week ago

China's weak oil demand may lead to global surplus of 1 mn barrels: How would crude prices react?

Firstpost  

The surplus could provide a buffer for prices against potential supply-side price shocks from conflicts in West Asia and other regions Low oil demand from China, supply-side shocks due to the conflict in West Asia, and increase in oil production by countries like US and Brazil are all important factors in determining crude oil price. The IEA forecasts that global …

China to cut gasoline, diesel retail prices
1 month, 2 weeks ago

China to cut gasoline, diesel retail prices

China Daily  

An employee of a gas station in Xingtai, Hebei province, operates a fuel filling facility. BEIJING - China will cut the retail prices of gasoline and diesel on Thursday, based on recent changes in international oil prices, the country's top economic planner said on Wednesday. Gasoline prices will be reduced by 145 yuan per ton and diesel prices by 140 …

Production records bolster energy security
3 months, 2 weeks ago

Production records bolster energy security

China Daily  

By ZHENG XIN | China Daily | Updated: 2024-09-10 09:37 An aerial view of a CNOOC drilling platform in Bohai Bay. China's efforts to bolster energy security took a significant leap forward as its two largest oilfields achieved historic production milestones, underscoring the nation's commitment to enhancing domestic energy supplies amid global uncertainties. China National Offshore Oil Corp said last …

Production records bolster energy security
3 months, 2 weeks ago

Production records bolster energy security

China Daily  

An aerial view of a CNOOC drilling platform in Bohai Bay. China's efforts to bolster energy security took a significant leap forward as its two largest oilfields achieved historic production milestones, underscoring the nation's commitment to enhancing domestic energy supplies amid global uncertainties. China National Offshore Oil Corp said last Tuesday that Bohai oilfield, the largest offshore oilfield in China, …

Nation helps drive global transition to green energy
3 months, 3 weeks ago

Nation helps drive global transition to green energy

China Daily  

By ZHENG XIN | CHINA DAILY | Updated: 2024-08-30 07:04 An aerial drone photo taken on June 6, 2024 shows the wind power equipment at a low carbon-dioxide emission industrial park in Sheyang, Yancheng, East China's Jiangsu province. China's green energy development has become an engine for the global energy transition, which has substantially eased global inflation pressures while addressing …

Nation helps drive global transition to green energy
3 months, 3 weeks ago

Nation helps drive global transition to green energy

China Daily  

An aerial drone photo taken on June 6, 2024 shows the wind power equipment at a low carbon-dioxide emission industrial park in Sheyang, Yancheng, East China's Jiangsu province. China's green energy development has become an engine for the global energy transition, which has substantially eased global inflation pressures while addressing climate change, according to a white paper issued on Thursday. …

Aramco mulls expansion on China demand
9 months, 1 week ago

Aramco mulls expansion on China demand

China Daily  

Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia Oct 12, 2019. Saudi Aramco, the world's largest oil and gas producer, is looking at further opportunities to invest in China, where oil demand has been robust and is growing, according to the company's top executive. The scale of the industrial footprint and China's demand growth present …

China leads aviation boom across Asia but here's the drawback of its travel rebound
1 year, 3 months ago

China leads aviation boom across Asia but here's the drawback of its travel rebound

Hindustan Times  

After years of pent-up demand for leisure and business travel due to the ravages of Covid-19, millions of Chinese are taking to the skies again as the nation leads an aviation boom across Asia. China leads aviation boom across Asia but here's the drawback of its travel rebound China’s return is thought to be the final missing piece in the …

Oil heads for fourth weekly decline on demand growth concerns in US, China
1 year, 7 months ago

Oil heads for fourth weekly decline on demand growth concerns in US, China

Live Mint  

Oil prices declined on May 12, heading for a fourth weekly drop, as renewed economic concerns in the United States and China weighed on demand growth in the near-term, a potential trigger for greater volatility in oil markets. The US Federal Reserve may need to raise interest rates again in its next meeting as the inflation data so far has …

China's COVID-19 reopening set to push 2023 oil demand to new high: IEA
1 year, 11 months ago

China's COVID-19 reopening set to push 2023 oil demand to new high: IEA

The Hindu  

Weak industrial activity and mild weather helped cut oil demand by nearly a million barrels per day in the OECD developed countries in the last quarter of 2022. The lifting of COVID-19 restrictions in China is set to boost global oil demand this year to a new record high, the International Energy Agency said on Wednesday, while price cap sanctions …

Chinese reliance on Middle East oil increases: Report
2 years, 11 months ago

Chinese reliance on Middle East oil increases: Report

Hindustan Times  

China's reliance on Middle East oil increases despite its efforts to get to an "ecological civilization" that relies less on fossil fuels and more on renewable energy. Considering China's dependence on foreign suppliers for oil remains in excess of 70 per cent, Chinese fears of such disruptions to the energy supply chain will only grow. Despite, China's years-long efforts to …

Oil prices rise as investors look to higher demand seen in second half
3 years, 11 months ago

Oil prices rise as investors look to higher demand seen in second half

Live Mint  

Oil prices climbed on Tuesday as optimism that government stimulus will eventually lift global economic growth and oil demand trumped concerns that renewed Covid-19 pandemic lockdowns globally are cooling fuel consumption. Investors are upbeat about demand in China, the world's top crude oil importer, after data released on Monday showed its refinery output rose 3% to a new record in …

Oil up as robust China trade data offsets returning supply
4 years, 2 months ago

Oil up as robust China trade data offsets returning supply

Live Mint  

Oil prices rebounded on Tuesday as robust China data offset returning supply in Norway, the Gulf of Mexico and Libya. China, the world's top crude oil importer, took in 11.8 million barrels per day of oil in September, up 5.5% from August and up 17.5% from a year earlier, customs data showed. The International Energy Agency - which advises Western …

China's Crude Oil Imports from Saudi Rose 15% in June as Refiners Ordered Record Fuels Post Price Fall
4 years, 4 months ago

China's Crude Oil Imports from Saudi Rose 15% in June as Refiners Ordered Record Fuels Post Price Fall

News 18  

China's crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled, cementing the kingdom's position as the top oil supplier to China. The record imports follow a price war between Saudi Arabia and Russia, the world's top oil exporters, during …

China is storing an epic amount of oil at sea. Here’s why
4 years, 5 months ago

China is storing an epic amount of oil at sea. Here’s why

CNN  

New York CNN Business — China bought so much foreign oil at dirt-cheap prices this spring that a massive traffic jam of tankers has formed at sea waiting to offload crude. As of June 29, China – the world’s second-largest consumer of oil after the United States – had amassed 73 million barrels of oil on 59 different ships floating …

Oil prices drop on demand worries as coronavirus cases rise
4 years, 6 months ago

Oil prices drop on demand worries as coronavirus cases rise

Deccan Chronicle  

MELBOURNE: Oil prices fell more than 1% in early trade on Thursday as a spike in new coronavirus cases in China and the United States renewed fears that people would stay home and stall a recovery in fuel demand even as lockdowns ease. Worries about fuel demand rose after a surge in coronavirus cases led Beijing to cancel flights and …

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