These plants only started buying Iranian crude this year after receiving guidance from the US State Department that sanctions wouldn’t be enforced by the Biden administration, according to a note from the industry consultant, which didn’t name the refiners
A recent report in Bloomberg has collected and analyzed five years of satellite images monitoring the South China Sea off Malaysia to detail something which should come as no surprise: Iran and China’s sanction-busting activity regarding Iranian oil exports has been going strong.
China’s large industrial firms reported a 10 % Y/Y decline in profits in October, with the property and retail sectors hit the hardest, the National Bureau of Statistics in Beijing said on Wednesday. Total profits for the first 10 months of the current year fell 4.3% Y/Y to 5.87 trillion yuan (US$810.9 billion), worse than the 3.5 per cent drop recorded in the first nine months.
Kazakhstan is considering the construction of a new gas pipeline to transport gas from Russia to China through its territory. This potential project will be pursued if Moscow and Beijing reach an agreement on the matter. “The issue of a new gas pipeline from Russia to China is within the competence of these two countries. If they agree, Kazakhstan is […]
China has been the focus of oil traders’ attention for years thanks to its seemingly insatiable demand for the fuel. Now, the country is about to cast itself as the star of the natural gas show as well.
Oil prices have eased after concerns over potential supply disruptions from Storm Rafael in the US Gulf of Mexico subsided.
The Suriname government is hoping that more Chinese companies will become involved in the country’s oil and gas industry after the state-owned company, Staatsolie signed a production-sharing contract with PetroChina.
This week, crude oil prices faced sharp declines due to a confluence of factors that weighed heavily on market sentiment. Concerns over weak demand, particularly from China, and the easing of supply risks in the Middle East were central to the downward pressure on prices. Simultaneously, a series of reports from major institutions like the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) lowered global demand forecasts for 2024, reinforcing the bearish outlook.
China’s economic woes and property crisis have been weighing on global oil demand consumption and growth expectations this year.
Despite some renewed optimism in the wake of the Fed’s jumbo cut, concerns about China aren’t going away.
OPEC trimmed its oil demand growth forecast for 2024, citing concerns in China.
China changed the structure of its oil imports in August, giving preference to supplies eligible for discounts.