CHINA: Oil self-sufficiency declines as consumption grows, domestic production and reserves falter

(EnergyAsia, August 28 2017, Monday) — With oil prices seemingly stuck in the US$40-to-$50 a barrel range, China has been in a hurry to import crude at increasingly higher high rates. Chinese crude imports rose to an all-time high of 9.2 million b/d in March, compared with 7.6 million b/d for all of 2016, according (more…)

CHINA: Will strong demand growth trigger another global oil price hike?

(EnergyAsia, August 25 2017, Friday) — More than three years into the global energy price collapse, complacent consumers could be ripe for another shock from “substantially higher oil prices” in the next few years, according to two economists at the Federal Reserve Bank of San Francisco. In a research paper, Deepa D. Datta and Robert (more…)

CHINA: Crude import set for another record-breaking year

(EnergyAsia, August 23 2017, Wednesday) — On the back of a 13.8% surge in the first half of 2017, China’s crude oil import is on course to reach another record-high level this year. Citing official Customs data, investment firm Jefferies Hong Kong and UK’s Gibson Shipbrokers estimates China imported around 8.55 million b/d in the (more…)

CHINA: Crude oil output on course to fall in 2017 after 5.1% decline in first-half

(EnergyAsia, August 22 2017, Tuesday) — China’s crude oil production is on course to decline for the second consecutive year after registering a higher-than-expected fall of 5.1% in the first half of 2017 over the same period of 2016. According to China’s National Bureau of Statistics (NBS), the country produced 96.45 million tons (3.917 million (more…)

RUSSIA: Rosneft’s gas export plans bolstered by China deal

(EnergyAsia, August 21, 2017, Monday) — Russian energy giant Rosneft’s plan to export natural gas to China has been boosted by its recent sale of a 20% stake in a subsidiary firm to Beijing Gas. The two state-owned firms have pledged to cooperate to develop the enormous oil and gas resources in Russia’s frontier Far (more…)

CHINA: Economic expansion picking up speed after 2016 slowdown, say IMF and ADB

(EnergyAsia, August 16 2017, Wednesday) — With an important political convention to be held later this year, China is pulling out all the stops to ensure its slowing economy will turn in a creditable performance for 2017. After years of expanding by annual rates of more than 10%, the Chinese economy has been growing at (more…)