• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 32 mins Joe Biden's Presidency
  • 37 mins The Debate Starts : Remake Republican Party vs. Third Party
  • 1 hour An exciting development in EV Aviation: Volocopter
  • 9 hours Did I Miss Something?
  • 1 day The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 2 days Is the Chinese CCP Following the Left's Leadership, or the Left Following the CCP's?
  • 2 days Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 2 days https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 8 hours JACK MA versus Xi Jinping
  • 1 day A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 1 day Minerals, Mining and Industrial Ecology
The Real Crisis For Oil Is Yet To Come

The Real Crisis For Oil Is Yet To Come

While energy companies have worked…

Ecuador Scrambles To Clean Up Its Oil Industry

Ecuador Scrambles To Clean Up Its Oil Industry

Ecuador’s petroleum-dependent economy is struggling…

Lincoln Brown

Lincoln Brown

Lincoln Brown is the former News and Program Director for KVEL radio in Vernal, Utah. He hosted “The Lincoln Brown Show” and was penned a…

More Info

Premium Content

China Hikes Domestic Oil Prices on Crude Rebound

China announced on Wednesday that it will raise the price of retail oil in reaction to global markets, with the National Development Reform Commission (NDRC) saying that the price of diesel and gasoline will increase by 110 yuan, or US$16.7 on the metric ton.

Including Wednesday’s announced increase, prices have increased 465 and 450 yuan respectively since the year began.

Wednesday’s move marks the fourth hike due to international oil prices. China adjusts oil prices when international prices change more than 50 yuan per metric ton for 10 working days; unless global prices fall below US$40 or top US$130 per barrel.

The commission asked the oil companies to ensure a stable supply, and said that it will continue to monitor global markets. Related: India Putting Floor Beneath Oil Prices As Demand Continues To Soar

In May, China imported 32.24 million metric tons of crude oil, and demand has been high from the country’s privately owned refineries.

The government is also intent on bolstering the country’s strategic petroleum reserves, which has it tapping the world market. Energy Aspects reports that in the second half of the year, the SPR is averaging around 400,00 barrels per day. That is up from the first half of the year which saw fills of 350,00 barrels per day. Related: Rebound In Oil Prices Changes Drillers’ Mindset

Between the demands of the refineries and the deficits in the SPR, China’s crude imports should remain around 7.4 million barrels of the day, according to Energy Aspects. As the country’s refining capacity increases, there is a commensurate increase in the pressure on regional diesel prices.

The EIA notes that China had been a driver of diesel demand growth in the past but has now reached the status of net diesel exporter. The EIA said that situation has been a contributing factor in the oversupply of diesel in the world market.

By Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News