Oil inches higher in thin trade, investors focus on China, US data
1 week, 3 days ago

Oil inches higher in thin trade, investors focus on China, US data

Live Mint  

By Florence Tan and Emily Chow SINGORE -Oil prices edged up on Monday in thin holiday trade ahead of the year-end as traders awaited more Chinese and U.S. economic data later this week to assess growth in the world's two largest oil consumers. Oil prices were also supported by optimism for Chinese economic growth next year that could lift demand from the top crude oil importing nation. "Global oil consumption reached an all-time high in 2024 despite China underperforming expectations, and oil stockpiles are heading into next year at relatively low levels," said Ryan Fitzmaurice, senior commodity strategist at Marex. China has also issued at least 152.49 million metric tons of crude oil import quotas to independent refiners in a second batch for 2025 so far, trade sources said on Monday.

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History of this topic

Oil rises from two-month highs on optimism ove
6 days, 9 hours ago

Oil rises from two-month highs on optimism ove

Live Mint  

By Florence Tan SINGAPORE - Oil prices extended their gains on Friday after closing at their highest in more than two months in the previous session on hopes governments across the world may increase policy support to revive economic growth that would lift fuel demand. Factory activity in Asia, Europe and the U.S. ended 2024 on a soft note as …

Oil spikes 1% in holiday-thinned session over China stimulus outlook; Brent hits $74 in rangebound trade
1 week, 6 days ago

Oil spikes 1% in holiday-thinned session over China stimulus outlook; Brent hits $74 in rangebound trade

Live Mint  

International crude oil prices rose almost one per cent on Thursday, December 26, in a holiday-thinned trading session driven by hopes for additional fiscal policy stimulus in China, the world's biggest oil importer, and supported by an industry report showing a decline in US crude inventories. Crude oil trades higher in holiday-thinned session -According to news agency Reuters, Chinese authorities …

US Oil Exports to China Dwindle as Demand Wanes, Buying Shifts
1 week, 6 days ago

US Oil Exports to China Dwindle as Demand Wanes, Buying Shifts

Live Mint  

-- US crude exports to China plunged by almost half this year as shifts in the nation’s economy weighed on demand and the country buys more barrels from countries including Russia and Iran. Exports of US oil to China plunged to 81.9 million barrels over the course of the year, down 46% from 150.6 million barrels last year, according to …

India’s oil demand growth to top China’s in 2024, trend to continue next year: S&P
1 week, 6 days ago

India’s oil demand growth to top China’s in 2024, trend to continue next year: S&P

Live Mint  

India is poised to close 2024 with a higher oil demand growth rate than China, underscoring its emergence as a key consumption hub in Asia, according to a report by S&P Global Commodity Insights. "India is set to end the year with its oil demand growth rate surpassing China's, making it one of the fastest-growing consumption centres," the report noted, …

China’s EV boom is starting to pinch oil producers
2 weeks, 2 days 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 …

Oil prices ease on surplus concerns, dollar strength
2 weeks, 3 days ago

Oil prices ease on surplus concerns, dollar strength

Live Mint  

By Nicole Jao NEW YORK -Oil prices edged lower on Monday in thin trade ahead of the Christmas holiday on concerns about a supply surplus next year and a strengthened dollar. Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, …

2024 turning point for country's refined oil market
3 weeks, 2 days 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 …

China’s crude oil imports rebounded in November, but so did storage flows: Russell
3 weeks, 2 days ago

China’s crude oil imports rebounded in November, but so did storage flows: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, Dec 16 - China's crude oil imports in November hit a 14-month high, but much of the additional volume is likely to have ended up in storage as refinery processing remained subdued. China, the world's biggest crude importer, had a surplus of about 1.77 million barrels per day in November, according to calculations based on …

Asia’s November crude oil imports nudge higher, still heading for annual fall: Russell
1 month, 1 week ago

Asia’s November crude oil imports nudge higher, still heading for annual fall: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, Nov 28 - Asia's imports of crude oil ticked up slightly in November, led by a recovery by top importer China, but arrivals are still on track to be weaker this year than in 2023. For the first 11 months of the year, Asia's crude imports were 26.52 million bpd, down 370,000 bpd from the …

China’s surplus crude oil eased in October, but this is still bearish: Russell
1 month, 3 weeks 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, 3 weeks 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 …

Oil falls on Chinese stimulus disappointment, supply outlook
1 month, 4 weeks ago

Oil falls on Chinese stimulus disappointment, supply outlook

Live Mint  

By Erwin Seba HOUSTON -Oil prices fell by more than 2% on Monday after China's latest stimulus plan disappointed investors seeking demand growth in the world's second-biggest oil consumer, while supply looked set to rise in 2025. Donald Trump's U.S. election victory may continue to be affecting the market, said Phil Flynn, senior analyst for the Price Futures Group. Bank …

Foreign trade poised for steady growth amid headwinds
Top News
2 months ago

Foreign trade poised for steady growth amid headwinds

China Daily  

China's foreign trade in goods 2024. CHINA DAILY China's foreign trade will sustain steady growth for the remainder of 2024 and exporters should prepare for potential challenges, including higher tariffs, by enhancing product competitiveness and expanding sales in emerging markets, government officials and market observers said on Thursday. China's foreign trade increased 5.2 percent year-on-year to 36.02 trillion yuan in …

Foreign trade poised for steady growth amid headwinds
2 months ago

Foreign trade poised for steady growth amid headwinds

China Daily  

China's foreign trade in goods 2024. CHINA DAILY China's foreign trade will sustain steady growth for the remainder of 2024 and exporters should prepare for potential challenges, including higher tariffs, by enhancing product competitiveness and expanding sales in emerging markets, government officials and market observers said on Thursday. China's foreign trade increased 5.2 percent year-on-year to 36.02 trillion yuan in …

Oil Prices Rise as Middle East War Rages, but China's Demand Remains a Key Factor
2 months, 2 weeks ago

Oil Prices Rise as Middle East War Rages, but China's Demand Remains a Key Factor

Live Mint  

Oil prices remain volatile as the Middle East war rages on, with Brent crude futures settling higher for the second consecutive session. China's recent efforts to stimulate its economy are expected to have a positive impact on oil demand, but it may take some time for the stimulus efforts to filter through to oil demand. Global oil inventories point to …

Oil prices decline over 1% on Chinese demand jitters
5 months, 3 weeks ago

Oil prices decline over 1% on Chinese demand jitters

Live Mint  

By Arathy Somasekhar HOUSTON -Oil prices settled more than 1% lower on Tuesday, the third straight day of losses, on worries of a slowing Chinese economy crimping demand, though declines were stemmed by a growing consensus the U.S. Federal Reserve could begin cutting its key interest rate as soon as September. "Weaker economic data continues to flow from China as …

Russia was China’s top oil supplier for the twelfth month in April
7 months, 2 weeks ago

Russia was China’s top oil supplier for the twelfth month in April

The Hindu  

Russia was China’s top oil supplier in April for a 12th month, with volumes rising 30% from a year earlier, official data showed, as refiners continued to cash in on discounted shipments, while supplies from Saudi Arabia fell a quarter on higher prices. China’s crude-oil imports from Russia, which include supplies sent via pipelines and the sea, were 9.26 million …

China's customs unveils new measures to boost processing trade
1 year, 2 months ago

China's customs unveils new measures to boost processing trade

China Daily  

The General Administration of Customs has introduced 16 reform measures to foster the high-quality development of processing trade by tackling the challenges and issues that hinder its growth, said an official on Tuesday. These measures, such as expanding the application scope for companies' processing trade supervision methods and implementing new bonded policies, aim to stabilize market expectations, the foundation of …

China's customs unveils new measures to boost processing trade
1 year, 2 months ago

China's customs unveils new measures to boost processing trade

China Daily  

The General Administration of Customs has introduced 16 reform measures to foster the high-quality development of processing trade by tackling the challenges and issues that hinder its growth, said an official on Tuesday. These measures, such as expanding the application scope for companies' processing trade supervision methods and implementing new bonded policies, aim to stabilize market expectations, the foundation of …

China's customs unveils new measures to boost processing trade
1 year, 2 months ago

China's customs unveils new measures to boost processing trade

China Daily  

The General Administration of Customs has introduced 16 reform measures to foster the high-quality development of processing trade by tackling the challenges and issues that hinder its growth, said an official on Tuesday. These measures, such as expanding the application scope for companies' processing trade supervision methods and implementing new bonded policies, aim to stabilize market expectations, the foundation of …

China, India receive record Russian crude oil in May: data
1 year, 7 months ago

China, India receive record Russian crude oil in May: data

The Hindu  

Russian crude oil imports by China and India in May hit an all-time high as buyers gorged on discounted supplies, reducing demand for oil from the Middle East and Africa, according to preliminary assessments from ship trackers. 3 crude importers and top buyers of Russian oil imported about 110 million barrels in May, data from Vortexa and Kpler showed, up …

China’s Demand for Oil Hits Record as IEA Raises Global Forecasts
1 year, 7 months ago

China’s Demand for Oil Hits Record as IEA Raises Global Forecasts

Live Mint  

China’s insatiable demand for oil is growing at a faster-than-expected pace, threatening to tighten crude markets and send oil prices higher as supplies struggle to keep up, the International Energy Agency said. In its closely watched monthly oil market report, the IEA raised its forecast for global oil demand growth this year by 200,000 barrels a day, to 2.2 million …

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 …

How China and India’s appetite for oil and gas kept Russia afloat
1 year, 10 months ago

How China and India’s appetite for oil and gas kept Russia afloat

Al Jazeera  

Despite Western-led sanctions aimed at punishing Russia over its war in Ukraine, growing demand for Russian energy imports has helped keep the country’s besieged economy afloat. China and India, both of which have declined to condemn Russia or impose sanctions over the war, became the biggest buyers of Russian crude oil last year as Western countries restricted imports and imposed …

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 …

World’s most-crucial fuel heads for shortage touching everything
2 years, 1 month ago

World’s most-crucial fuel heads for shortage touching everything

Live Mint  

No fuel is more essential to the global economy than diesel. People potentially freezing to death is another.” In the US, stockpiles of diesel and heating oil are at their lowest point ever for this time of year in data going back four decades. Global export markets have gotten so tight that poorer countries like Pakistan are getting shut out, …

Oil prices up 1% on decline in US crude inventory
2 years, 2 months ago

Oil prices up 1% on decline in US crude inventory

Live Mint  

NEW DELHI: Global crude oil prices rose over 1% on Wednesday following a decline in US stockpiles. Rahul Kalantri, vice president for commodities at Mehta Equities, said, “Despite aggressive interest rate hikes by the US Fed so far, crude oil demand has remained robust, as per the industry data released on Tuesday. The American Petroleum Institute reports showed crude oil …

Oil slides on strong dollar and weaker demand outlook
2 years, 5 months ago

Oil slides on strong dollar and weaker demand outlook

The Hindu  

Oil prices fell sharply on Tuesday on a strong dollar, demand-sapping COVID-19 curbs in top crude importer China and fears of a global economic slowdown. "In the West, the combination of high energy prices and rising interest rates is fuelling concerns about a recession that would have a serious impact on oil demand," Commerzbank said. U.S. President Joe Biden will …

Russia pockets $24bn from selling energy to China, India
2 years, 6 months ago

Russia pockets $24bn from selling energy to China, India

Al Jazeera  

China spent $18.9bn and Russia $5.1bn for Russian oil and gas in just three months following the invasion of Ukraine. Russia has pocketed $24 billion from selling energy to China and India in just three months following its invasion of Ukraine, showing how higher global prices are limiting efforts by the US and Europe to punish President Vladimir Putin. China …

China oil imports from Russia surge amid Ukraine war sanctions
2 years, 6 months ago

China oil imports from Russia surge amid Ukraine war sanctions

Al Jazeera  

China’s crude oil imports from Russia up 55% in May compared to a year earlier, displacing Saudi Arabia as top supplier. China ramped up crude oil imports from Russia in May, helping to offset Moscow’s losses from Western nations scaling back Russian energy purchases over its invasion of Ukraine. Chinese customs data on Monday showed that crude oil imports from …

Explained | The surge in oil and natural gas prices
2 years, 9 months ago

Explained | The surge in oil and natural gas prices

The Hindu  

The story so far: On March 8, President Joe Biden announced that the U.S. was banning the import of Russian oil, liquefied natural gas, and coal to the country, a move aimed at depriving Russia of the economic resources needed to continue its war in Ukraine. In January 2022, Russia’s total oil production was 11.3 million barrels per day, of …

India’s trade deficit likely to stay high, current account deficit to widen: Nomura
2 years, 10 months ago

India’s trade deficit likely to stay high, current account deficit to widen: Nomura

The Hindu  

India’s trade deficit, which shot back up to $21.2 billion in February, is expected to stay elevated in coming months and the current account deficit could widen to 2.6% of GDP in 2022-23 from 1.7% of GDP this year, Nomura said in a report on March 3. “The surge in oil prices, amid a pickup in domestic demand, will significantly …

Chinese reliance on Middle East oil increases: Report
3 years 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, 5 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, 6 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 …

Export quotas for non-State oil refiners may help ease oversupply
4 years, 8 months ago

Export quotas for non-State oil refiners may help ease oversupply

China Daily  

Bullet trains are ready for deliveries at CRRC Sifang Co Ltd in Qingdao, Shandong province, on March 26. Companies again allowed to sell abroad as nation facing excessive production China's granting export quotas for refined oil products to non-State-owned refineries in the Zhejiang Pilot Free Trade Zone will ease the country's domestic oversupply of petroleum products, while sharpening the competitive …

China has been stockpiling oil for years. With prices this low, it may buy more
4 years, 9 months ago

China has been stockpiling oil for years. With prices this low, it may buy more

CNN  

Hong Kong CNN Business — Oil is cheaper right now than it has been in years. That’s great news for China — the world’s second largest consumer of oil and its biggest importer — which has been building up huge reserves and needs energy to restart its economy. While prices have recovered somewhat since then on hopes that OPEC and …

China's oil giants confronting trying times
4 years, 9 months ago

China's oil giants confronting trying times

China Daily  

An employee checks crude oil processing equipment at the Shengli Oil Field in Dongying, Shandong province. "The low oil price will benefit companies like China Petrochemical Corp whose business is mainly downstream, as the refining sectors will benefit," said Li Li, research director at energy consultancy ICIS China. Sinopec, the country's largest oil refiner, also saw its bottom line decline …

China should use low oil prices to boost its strategic petroleum reserve
4 years, 9 months ago

China should use low oil prices to boost its strategic petroleum reserve

China Daily  

Workers are seen near pumpjacks at a China National Petroleum Corp oil field in Bayingol, Xinjiang Uighur Autonomous Region, China, August 7, 2019. Saudi Arabia said on Friday that it was not in talks with Russia to balance the global oil market despite the increasing pressure from the United States to stop a price rout amid the pandemic, although a …

India's oil demand growth set to overtake China by mid-2020, says International Energy Agency
4 years, 11 months ago

India's oil demand growth set to overtake China by mid-2020, says International Energy Agency

Firstpost  

India’s oil demand growth is set to overtake China by mid-2020s, priming the country for more refinery investment but making it more vulnerable to supply disruption in the Middle East, the International Energy Agency said on Friday New Delhi/ Mumbai: India’s oil demand growth is set to overtake China by mid-2020s, priming the country for more refinery investment but making …

Oil ebbs as China's slowest GDP growth in almost three decades stokes demand fears
5 years, 2 months ago

Oil ebbs as China's slowest GDP growth in almost three decades stokes demand fears

Firstpost  

Oil prices slid on Friday on jitters over demand from China after the world’s largest oil importer recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the United States Seoul: Oil prices slid on Friday on jitters over demand from China after the world’s largest oil importer recorded its weakest quarter …

Oil rises as U.S.-China trade comments calm markets
5 years, 4 months ago

Oil rises as U.S.-China trade comments calm markets

The Hindu  

Oil prices rose on Tuesday after U.S. President Donald Trump predicted a trade deal with China after positive comments by Beijing, calming nerves after a round of tit-for-tat tariff hikes had sent markets reeling. Oil prices have fallen around 20% from a 2019 high reached in April, in part because of worries that the U.S.-China trade conflict is hurting the …

China is going easy on American oil exports (for now). Here’s why
5 years, 7 months ago

China is going easy on American oil exports (for now). Here’s why

CNN  

New York CNN Business — US oil has so far been spared China’s tariff wrath even as the deepening trade war ensnares other American commodities. Booming LNG caught in trade war China has been backing up the truck and importing oil at breakneck speeds.” RBC Capital's Michael Tran LNG was included in the list of products now facing 25% tariffs, …

Crude oil declines below $70 as Sino-US trade dispute deepens; supply concerns prevent steeper price fall
5 years, 8 months ago

Crude oil declines below $70 as Sino-US trade dispute deepens; supply concerns prevent steeper price fall

Firstpost  

China’s crude oil imports in April hit a record for the month, at 10.64 million barrels per day, customs data showed on Wednesday. London: Brent oil dropped below $70 a barrel on Wednesday, hurt by concerns about a deepening US-Chinese trade row, although persistent supply worries prevented a steeper price fall. China’s crude imports in April hit a record for …

Iran oil sanctions: Asian countries need to find new sources of oil
5 years, 8 months ago

Iran oil sanctions: Asian countries need to find new sources of oil

CNN  

Dubai CNN Business — Asia’s biggest economies are scrambling to find new sources of oil after the United States said it would no longer grant exemptions to sanctions on Iranian crude exports. The Trump administration on Monday indicated that the United States, Saudi Arabia and the United Arab Emirates would make sure “global oil markets remain adequately supplied.” But it …

Oil prices rise on US-China trade deal hopes, Opec supply cuts
5 years, 10 months ago

Oil prices rise on US-China trade deal hopes, Opec supply cuts

Live Mint  

Singapore/Sydney: Oil prices rose on Monday, buoyed by output cuts by producer club Opec and reports that the US and China are close to a trade deal to end a bitter tariff war, which has slowed the global economy. The two countries appear close to a deal that would roll back US tariffs on at least $200 billion worth of …

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