37976
China Crude Imports Hit Record
Energy

China Crude Imports Hit Record

China, the world’s biggest energy user, increased inbound crude shipments in February by 19% from the previous month to 31.8 million tons, according to data from the Beijing-based General Administration of Customs on Tuesday. That is equivalent to about 8.04 million barrels a day, the highest daily average on record, Bloomberg reported. Oil product exports slid a second month to 2.99 million tons, the lowest since May. "The reported crude imports last month greatly exceed our expectations," Gao Jian, an analyst with SCI International, a Shandong-based commodity researcher, said. "Weak international crude prices that fell below $30 a barrel in January may have boosted Chinese refiners’ appetite for imports." The government’s decision not to cut retail fuel prices when oil falls below $40 a barrel has made domestic sales of oil products more profitable compared with exports, according to ICIS China, a Shanghai-based researcher. "The $40 price floor for domestic fuel sales is curbing shipments overseas," Amy Sun, an analyst with ICIS China, said. "Exports will probably remain subdued."

 

Short URL : http://goo.gl/LUWJCD
  1. http://goo.gl/rfZ3pt
  • http://goo.gl/u0A4jo

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...

Trending

Googleplus