• 3 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 19 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 51 mins WTI @ $75.75, headed for $64 - 67
  • 52 mins EU to Splash Billions on Battery Factories
  • 3 hours US top CEO's are spending their own money on the midterm elections
  • 17 mins The Dirt on Clean Electric Cars
  • 11 hours Petrol versus EV
  • 5 hours OPEC Is Struggling To Deliver On Increased Output Pledge
  • 6 mins Satellite Moons to Replace Streetlamps?!
  • 3 hours The Balkans Are Coming Apart at the Seams Again
  • 8 hours 10 Incredible Facts about U.S. LNG
  • 48 mins Uber IPO Proposals Value Company at $120 Billion
  • 16 hours E-mopeds
  • 3 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 6 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 day These are the world’s most competitive economies: US No. 1
Alt Text

North Sea Oil & Gas Operating Costs Rose Last Year

Production and operating costs of…

Alt Text

Rig Count Rises Amid Oil Price Recovery

The active number of rigs…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Chinese Refineries Near All-Time Throughput Record In June

Refineries

Chinese refineries processed 11.21 million bpd of crude oil last month, up 2.3 percent on the year and the second-highest daily processing rate on record, Reuters reported, citing data from the country’s National Bureau of Statistics. The highest daily rate was hit last December, when refineries processed 11.26 million bpd.

The increase came on the back of new import quotas that Beijing awarded to independent refineries, commonly known as teapots. The throughput of state-owned refineries in June stayed relatively unchanged from last year. An Energy Aspects analyst, Nevyn Nah, commented that the June throughput figures were impressive in the context of continuing maintenance.

Now China’s refiners are preparing for a cut in fuel and other oil products output in the third quarter, which is also part of the reason for the increase. Over the first half of the year, Chinese refiners processed about 11.1 million bpd of crude, up 3 percent on the first six months of 2016.

China imported 8.79 million barrels of crude daily last month, up 17.9 percent on an annual basis, though 2.9 percent less than the May daily import rate. The strong figures provided much needed support for international prices, as domestic oil production continued declining while demand remained healthy thanks to oil prices remaining below US$50 a barrel, and according to one analyst from Sanford C. Bernstein, to an increase in the sales of SUVs. Related: Shell Nigeria Declares Force Majeure On Nigerian Light Oil Exports

The latest refinery throughput figures pushed international prices up today, aiding a smaller than expected number of new rig additions in the U.S., as reported by Baker Hughes on Friday, and a substantial inventory draw reported by the Energy Information Administration last Wednesday. U.S. inventories fell by 7.6 million barrels in the week to July 7, with the total slipping below 500 million barrels for the first time in quite a while.

At 11:30 AM CST, WTI was trading at US$46.19 a barrel, with Brent crude at US$48.64 a barrel.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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