China’s oil imports reached 11.28 million bpd in the previous year, an 11% increase from
2022, driven by strong fuel demand at home and abroad.
Domestic crude oil production in China also hit a record, totaling 208 million tons for the year, averaging 4.2 million barrels per day.
China’s substantial oil storage activities and fuel exports, particularly to Europe post-Russian embargo, highlight both domestic and international demand dynamics.
Japanese shipping operator Nippon Yusen has become the latest among dozens of shipping companies to suspend sailings through the Red Sea.
Beijing has so far remained tight-lipped about the raging war between Israel and Hamas in the Gaza Strip despite China being Israel’s second-largest trading partner.
Beijing has called for an end to attacks on civilian vessels in the Red Sea.
In the turbulent seas of the energy sector, upstream specialist Kosmos Energy (KOS) finds itself adrift. Over a 52-week period, KOS stock has endured a nearly 15% loss. This decline persists in spite of oil-producing nations agreeing to production cuts, a move typically aimed at stabilizing and potentially bolstering crude oil prices.
Indonesia offered 10 oil and gas blocks in 2023, with two working areas Akimeuga ..
Environmental policy expert says fossil fuels have been net benefit for society
Tullow Ghana led the pack at the maiden Chartered Institute of Supply Chain Management (CISCM) Awards held over the weekend in Accra.
This was made known on Monday via the commission’s X platform, explaining that the decision was made to improve dependability and sustainability to meet the country’s fuel supply and energy security requirements.
US President Joe Biden and the World Bank are worried global oil prices could surge even higher if conflict in the Middle East escalates, as the Israel-Gaza war continues and as US and UK attacks on the Iran-backed Houthis in Yemen attempt to blunt their ability to target commercial shipping in the Red Sea.
Crude prices spiked more than 4% before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive rebel attacks on Red Sea shipping
At the COP28 summit in Dubai, nations agreed to move away from fossil fuels.
Natural gas, labeled a “transitional fuel” at the conference, is experiencing a surge that is unlikely to slow any time soon.
Despite having a cleaner image than other fossil fuels, there are still concerns over the environmental impact of expanding the natural gas industry.