Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles.
China is building or planning to build some 366 GW in new coal generation capacity, accounting for some 68% of global planned new coal capacity as of 2022. This is according to a new report by climate think tank Global Energy Monitor, which also found that China accounted for more than half of the new global coal […]
Saudi Aramco plans to build a $10-billion refining and petrochemical complex in China over the next three years, taking advantage of the country’s growing demand for energy.
China exported 4.54 million tons of diesel in the first two months of the year, up 10 times from last year’s export rate, which stood at 420,000 tons, government data cited by Bloomberg showed.
A rebound in crude oil demand as the Chinese economy returns to normal operation pushed crude oil throughputs at refineries higher by 3.3% over the first two months of the year.
The massive disparity between China’s enormous economy-driven energy needs and its minimal level of domestic oil and gas reserves meant that the country was the key driver of the 2000-2014 commodities ‘super-cycle’, characterised by consistently rising price trends for commodities.
Oil prices extended gains for a second session on Wednesday after a strong jump in manufacturing in China, the world’s top crude importer, boosted the outlook for global fuel demand.
Oil prices rose in Asian trade on Tuesday, supported by hopes a solid economic rebound in China will drive up fuel demand, offsetting worries about further U.S. interest rate hikes dragging on consumption in the world’s biggest economy.
China has reopened its doors following its long zero-Covid policy. But now governments and energy firms around the world are waiting to see what this means both for the energy industry and global supply chains. Experts are uncertain if the reopening of China’s borders means that business will resume as usual or whether ongoing disruptions will be seen due to years of closures and industry challenges.
Moscow mitigated restrictions on its energy industries, partially by granting favorable prices to China and India.