• 5 minutes Trump vs. MbS
  • 9 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Can the World Survive without Saudi Oil?
  • 4 hours WTI @ $75.75, headed for $64 - 67
  • 48 mins The Dirt on Clean Electric Cars
  • 2 hours The end of "King Coal" in the Wales
  • 3 hours These are the world’s most competitive economies: US No. 1
  • 12 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 10 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 1 hour EU to Splash Billions on Battery Factories
  • 1 day Uber IPO Proposals Value Company at $120 Billion
  • 11 hours Coal remains a major source of power in Europe.
  • 1 hour E-mopeds
  • 1 hour Petrol versus EV
  • 1 hour 10 Incredible Facts about U.S. LNG
  • 19 hours Poland signs 20-year deal on U.S. LNG supplies
Dave Forest

Dave Forest

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

More Info

Trending Discussions

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

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:


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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