The China National Petroleum Corporation (CNPC), the government-owned parent company of PetroChina, and Cnooc (OTCPK: CEOHF) has kicked off ultra-deepwater exploratory drilling for oil and gas as the country looks to wean itself of foreign oil.
British energy giant Shell is boosting its oil and gas production to book profits in the near term. It’s also building out electric vehicle charging stations across Asia.
Angola is China’s second-largest trading partner in Africa, with bilateral trade surpassing 27 billion US dollars in 2022.
Following the recent slew of major cooperation agreements (including in energy, security, and logistics) between various permutations of Iran, Iraq, Russia, and China, another set of agreements – this time between Iran and Oman – allows Beijing to further consolidate its grip over the principal oil transit routes from the Middle East. It also allows it the opportunity to develop another major source of liquefied natural gas (LNG) supplies, to the detriment of the U.S.’s key allies in Europe.
Oil prices slumped by another 3% early on Wednesday, extending the 4% losses from Tuesday after manufacturing data from China disappointed and the U.S. dollar strengthened.
Iraq is going full throttle in its oil and gas development and has awarded a project to a Chinese firm to build its largest crude oil depot for export with a capacity of around 3.2 million barrels, Zawya reported, citing Iraqi officials
The last week or so has seen a flurry of major cooperation agreements – including in energy, security, and logistics – between various permutations of Iran, Iraq, Russia, and China.
SINGAPORE/BEIJING – China’s crude oil imports from Russia rose 8.6% in April from a year earlier, as larger private refiners also embarked on purchases of the discounted fuel.
Given the high stakes geopolitical game in which the world finds itself following Russia’s invasion of Ukraine last year, it would be naïve to be believe that anything as high-profile as Iran’s seizure of oil tankers in and around its coastal waters occurred in political isolation.
As many as 125 supertankers were traveling to China at the end of April, carrying the biggest volumes of oil to the world’s top crude buyer in more than two years, according to tanker-tracking data compiled by Bloomberg.