• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 23 hours Energy Armageddon
  • 13 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 13 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 5 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 5 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 5 days The Federal Reserve and Money...Aspects which are not widely known
  • 3 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 7 days Goldman Betting on Cryptocurrencies
  • 10 days Сryptocurrency predictions
  • 15 days Putin and Xi Bet on the Global South
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




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News