China’s diesel demand likely peaked in 2019, with gasoline consumption cresting in 2023, Ma Yongsheng, chairman of the nation’s top refiner Sinopec Group, said Wednesday. Still, the nation’s overall oil consumption hasn’t peaked yet, he said, and that’s down to rising demand for chemicals products.
China is the undisputed leader in the transition space, investing the most in wind and solar, along with EVs, and having the greatest generation capacity of the alternative sources of energy. Last year, solar capacity alone surged by 45%. Together with wind and hydropower, total low-carbon generation capacity reached 40% of the country’s total, the Chinese authorities reported last month.
An increase in ship-to-ship transfers, plus the emergence of alternative receiving terminals, led to the jump, according to traders who participate in the market and asked not to be identified because the matter is sensitive.
Dar Petroleum Operating Co. has resumed producing oil from a number of its wells in South Sudan after almost a year, people with knowledge of the matter said.
The United States has imposed sanctions on a network of people and firms accused of facilitating the sale of millions of barrels of Iranian oil to China as U.S. President Donald Trump’s administration seeks to bring Iran’s crude exports to zero.
United Energy (MENA) Limited, a wholly-owned subsidiary of Chinese independent United Energy Group (UEG), has acquired the upstream oil and gas assets held by US independent Apex International Energy in Egypt, UEG announced on Friday.
China is widely expected to stop buying U.S. LNG on the spot market and seek to swap American cargoes from elsewhere after it announced a 15% tariff on U.S. liquefied natural gas in response to the 10% American tariffs across the board.
Oil prices edged higher but remained near a two-week low on Tuesday, as weak economic data from China and rising temperatures elsewhere dampened the demand outlook.Brent crude oil futures were up by 35 cents, or 0.45%, to $77.43 per barrel by 0930 GMT. U.S. West Texas Intermediate crude futures were up 30 cents, or 0.41%, […]
Trade for March-loading Russian oil in top buyer Asia has stalled as a wide price gap between buyers and sellers emerged in China after costs for chartering tankers unaffected by U.S. sanctions jumped, according to traders and shipping data.
China aims to maintain crude production in 2025 little changed from 2024, with output expected to come in above 200 million tons. In 2024, China’s total oil and gas output exceeded 400 million tons of oil equivalent for the first time, the National Energy Administration (NEA) has revealed. China’s crude production clocked in at 213 million tons (4.9 million barrels per day), while natural gas production was 246.4 billion cubic meters (bcm).