Angola, a close partner of China and energy producer situated on the west-central coast of Southern Africa, is intensifying its efforts to foster oil and gas cooperation with Chinese companies through bids for new projects. This move aims to leverage the potential of the robust Chinese market.
After climbing by 13% in July, oil prices were dragged lower on the first day of August by further disappointing economic data out of China.
China has gobbled up a record amount of Russian crude, adding some 2 million bpd to its strategic and commercial inventories last month.
China’s longest deepwater oil and gas pipeline has entered the final stage before operation, following the completion of work on laying the submarine long-distance pipeline in waters off South China’s Hainan Province on Saturday, according to China Media Group (CMG).
Rumors about China not moving ahead on the development of the crucial West Karoun oilfields are incorrect.
SINGAPORE: China is expected to import a record amount of crude oil in 2023 due to increased demand for fuel as people travel more following the dismantling of COVID-19 controls and as a result of new refineries coming onstream, analysts said
Oil prices could return to the $100 per barrel mark in the second half of 2023 on the back of rising Chinese demand and expected limited additional supply, Afshin Javan, Iran’s OPEC representative, told Reuters on Wednesday.
Despite a relatively underwhelming rebound in Chinese demand, oil prices were pushed higher at the start of this week by the embargo on Russian oil products and the earthquake in Turkey which took an oil terminal offline
A strong rebound in China’s oil demand this year may lead to the OPEC+ group reconsidering its production targets and quotas, according to the International Energy Agency (IEA).
Western sanctions over Russia’s invasion of Ukraine, including the looming Feb. 5 embargo and price cap on refined products, have been pushing Russian fuel oil barrels eastward into Asia at attractive discounts since last year