35515
China Cannot Resist $30 Oil
Energy

China Cannot Resist $30 Oil

Last month’s plunge in crude to $30 a barrel proved too much of a bargain for China to turn down, even as its economy lurches toward the weakest growth in a generation.
Chinese companies booked tankers to collect more West African crude in February than in any single month since at least 2011, data from the physical shipping market collated by Bloomberg show, Bloomberg reported.
It also increased its purchases of oil from producers in the North Sea and Russia. The voyages are all thousands of kilometers farther than the Middle East, which supplies most to the Asian country. Oil has plunged this year amid signs that China’s economy is slowing. The nation’s growth will slow to 6.5% this year, the weakest since 1990, according to forecasts and government data compiled by Bloomberg.
China shipped four vessels of North Sea crude in January, compared with nine in the whole of 2015, ship-tracking data show. In addition to three supertankers of Forties crude, the country also bought 1 million barrels of Norwegian Ekofisk crude, the first time it has done so in seven months.
This month’s shipments are part of a bigger trend, too. China imported a record volume of crude in December as the nation’s refineries boost runs to meet growing demand for gasoline in the world’s biggest automobile market and naphtha, an oil derivative used in the petrochemicals industry.
Shipping rates for very large crude carriers to haul oil from West Africa to China dropped to $24.44 a ton last week, the lowest since October. Exports of West African crude to all Asian countries, including India, Taiwan and Indonesia, are set to rise to 2.14 million barrels a day in February. That compares with 1.95 million in January and will be the highest in four years.

 

Short URL : http://goo.gl/gcdqk0
  1. http://goo.gl/T339HI
  • http://goo.gl/7RrGML
  • http://goo.gl/4RhKYe
  • http://goo.gl/HtMRT8
  • http://goo.gl/2Oqotf

You can also read ...

Iran Discovers New Shale Deposits in Sea of Oman
Iran's Research Institute of Petroleum Industry has discovered...
Aramco Trading currently trades 3.6 million barrels per day of crude and refined products.
Aramco Trading, the commercial arm of oil giant Saudi Aramco,...
Iran Oil Exports to India Hit Record
India purchased about 700,000 barrels of crude oil from Iran...
US crude inventories rose by 1.1 million barrels in the week to April 20 to reach 429.1 million.
Oil prices on Wednesday fell back from more than three-year...
Iran's current natural gas output stands at 230 billion cubic meters per annum.
The state-run National Iranian Gas Company is determined to...
Nationwide Euro-4 Diesel Distribution in June
The distribution of Euro-4 diesel will commence in June...
German Ambassador Klor-Berchtold (L) meets Energy Minster Reza Ardakanian in Tehran on April 24.
Germany is ready to develop energy ties with Iran by focusing...

Trending

Googleplus