Russia’s oil exports were essentially flat in 2025 compared to a year earlier, with most supplies – a massive 80% — going to China and India, Russian Deputy Prime Minister Alexander Novak said on Friday.
A Philippine tycoon said partnering with China may be an option in the development of a new gas field in an area of the South China Sea where the two nations have competing maritime claims.
Crude oil imports into China last year hit the highest ever, reaching 11.55 million barrels daily, or a total of 557.73 million tons, up 4.4% on 2024, Reuters reported today, citing official statistics. The December total was also a record high, the data showed, at an average daily of 13.18 million barrels for a total of 55.97 […]
China has accelerated purchases of Saudi crude oil for January to the highest volumes in five months, after the world’s top crude exporter slashed its official selling prices for Asia to the lowest premium over benchmarks in five years. Chinese refiners have nominated almost 50 million barrels in total of Saudi crude volumes for January […]
China imported 12.38 million barrels of crude oil daily last month, which was a 4.88% increase on the year and the highest import rate since August 2023, Reuters reported, citing government data.
A Russian liquefied natural gas export facility delivered its first shipment to China since being sanctioned by the US in January, the latest sign of increased energy cooperation between Beijing and Moscow.
The Changqing shale oil field in Northwestern China has produced a cumulative 20 million tons of crude, Chinese media reported, noting the amount marks the start of a new phase in domestic oil production.
The Rizhao Shihua Crude Oil Terminal, which was blacklisted by Washington last week over its role in taking Iranian crude, is located in Shandong province, the center of China’s refining industry. Partly owned by Sinopec, Rizhao is the major entry point for foreign crude for the oil major, also known as China Petroleum & Chemical Corp., and is connected with several of its facilities by a lengthy pipeline.
The rise in crude imports was accompanied by an increase in refinery processing rates to 81.05%, which was the highest since the start of the year for state refiners. Independents, commonly called teapots by the media, also raised their utilization rate, to some 62%.
A Very Large Crude Carrier heading for the Chinese port of Rizhao has been diverted to another port, after the U.S. Treasury imposed sanctions on the Rizhao oil terminal as part of a new pressure campaign on China for its purchases of Iranian crude.