• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 18 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 51 mins CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 46 mins Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 6 hours NordStream2
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 4 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 4 days Modest drop in oil price: SPRs vs US crude inventory build
  • 5 days 2019 - Attack on Saudi Oil Facilities.
  • 9 hours "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 6 days Ukrainian Maidan after 8 years
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,

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