Japanese shipping operator Nippon Yusen has become the latest among dozens of shipping companies to suspend sailings through the Red Sea.
Beijing has so far remained tight-lipped about the raging war between Israel and Hamas in the Gaza Strip despite China being Israel’s second-largest trading partner.
Beijing has called for an end to attacks on civilian vessels in the Red Sea.
China achieved record-breaking crude oil and natural gas production in 2023, with unconventional gas contributing significantly to the overall figures.
Despite fluctuations in demand and some disappointment among analysts, both domestic production and imports of energy commodities reached historic highs.
While Chinese oil demand growth may slow in the future, its natural gas demand growth is likely to remain robust as it increases the use of natural gas in power generation
Commodity analysts at Standard Chartered have reported that silver and distillates are the only commodities whose investor positioning has changed significantly from a year ago.
Standard Chartered: oil could be undervalued by at least $10 per barrel.
Supply and demand balances are significantly more bullish compared to a year ago, when an outsized January surplus of 3.5 mb/d led to a large 1.6 mb/d Q1-2023 surplus.
China’s stellar economic growth for many years pushed the prices of the major commodities it needed ever higher, almost single-handedly creating and sustaining the commodities supercycle over those years.
China’s economic growth target for 2023 was officially “around 5%”, which meant that it was almost certainly going to be attained on paper, regardless of the reality behind the figures.
One obvious sector of concern – among many others that are less so – is the property sector, which accounts for around a third of China’s entire GDP and about 65 percent of total household assets.
Oil prices are on course for their first weekly increase in eight weeks, a shift in sentiment that was driven in large part by the Federal Reserve pledging to cut interest rates next year.
Gazprom and CNPC agreed to increase the volume of Russian gas export to China through the Power of Siberia pipeline next year.
U.S. oilfield services company Halliburton Co. has announced that it will partner with the Libra Consortium, led by Petrobras, to develop a digital twin for the Mero pre-salt field system in Brazil.
A digital twin spans the lifecycle of the actual system, or object it represents, uses simulation, machine learning and reasoning to help decision making and is updated using real-time data.
Other than creating a single, secure repository for all asset documentation, digital twins can have a positive impact on the operational efficiency, cost, reliability and agility of oil and gas companies.
he only price-swing element in the OPEC+ oil supply cuts was a collective reduction of 696,000 bpd of crude oil from other members besides Saudi and Russian output cut rollovers.
Europe has intensified efforts this year to protect its clean energy manufacturing industries and reduce dependence on China for its renewable energy rollout.
Chinese refiners face weaker domestic margins and are grappling with limited fuel export quotas.