• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 49 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 days Does Toyota Know Something That We Don’t?
  • 3 days America should go after China but it should be done in a wise way.
  • 9 days World could get rid of Putin and Russia but nobody is bold enough
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 23 mins "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 14 hours Even Shell Agrees with Climate Change!
  • 11 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 12 days Putin and Xi Bet on the Global South
  • 12 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

Which Nation Just Became The World's Top Crude Importer?

The item in question: a new report showing that China just became the world's top oil importer.

According to the Financial Times, Chinese trade data revealed that crude imports jumped 13% in April. Hitting a total of 3.029 million metric tons -- or about 222 million barrels.

That now puts China's consumption ahead of the U.S. with Chinese imports running around 7.4 million barrels per day, as compared to about 7.1 million barrels daily for American imports. Related: Oil Markets Have Little To Fear From Iran For Now

The big monthly rise in China's imports is notable. With a 13% increase being a signal that Chinese demand is continuing to expand rapidly, despite years of double-digit growth.

In fact, China appears to have been accelerating its efforts lately to find new crude supplies. Having completed import deals with nations like Russia and Myanmar. Related: How China Could Hold The Oil Markets To Ransom

All of which suggests that this is going to be the world's go-to energy market for the foreseeable future. Meaning that project developers will be increasingly looking at logistics for shipping crude to this part of the world.

I wrote Saturday about such considerations with regards to new projects in South America. In short, Pacific shipping lanes are going to be a major advantage for new projects -- both when it comes to selling product, and even in terms of obtaining project financing from energy-minded Asian consumers. Related: Oil Sector May Not Cause Financial Apocalypse After All

That's going to be good for emerging projects in places like Chile and Peru. And the rise of China as an oil consumer could benefit projects in places like East Africa -- which now have good access to Chinese markets via the recently-commissioned import pipeline through Myanmar.

Watch for China-financed deals being done in these locations -- and beyond.

Here's to a new number one,

ADVERTISEMENT

Dave Forest

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