• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 1 hour The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 37 mins Coal Boom in Asia is Real and a Long Trend
  • 39 mins The Plastics Problem
  • 3 hours Hydrogen FTW... Some Day
  • 13 hours China's President Xi To Visit North Korea This Week
  • 17 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 5 hours GM Considering Electric Hummer
  • 1 hour As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 15 hours Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 9 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 19 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 19 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 17 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 3 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 12 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
Alt Text

This Overlooked Canadian Oil Niche Is Making Traders Billions

As major pipeline bottlenecks continue…

Alt Text

Is There Really An Oil Shortage?

Some analysts have argued we…

Alt Text

Small Crude Build Sends Oil Lower

Oil prices continued to fall…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Why Russia Beat Saudi Arabia As China’s No.1 Oil Supplier

Russia last year overtook Saudi Arabia as China’s biggest supplier of crude oil thanks in large part to increased demand from independent refineries, popularly called teapots. This is what statistics data released today by Beijing’s customs authority show.

The average daily amount that Russian companies exported to China in 2016 stood at 1.05 million barrels, up by 25 percent from 2015. Saudi Arabia’s average daily shipments to the world’s second-largest oil consumer were 1.02 million barrels daily in the period, an amount representing a slight 0.9-percent uptick on 2015.

Russia is likely to keep its place as top exporter to China this year as well, as long as demand from teapots remains intense: while China’s state oil companies are bound by long-term contracts with Saudi Arabia, the small refineries have taken advantage of more flexible export conditions offered by Russian exporters as well as from the proximity of Russia’s export network. The flagship in this network is the East Siberia-Pacific Ocean pipeline, which will see increased flows of crude this year to the East.

Besides the flow expansion plans for the ESPO pipeline, Russia will also benefit from a much lower production cut quota under its deal with OPEC from December, while Saudi Arabia will have to reduce its output by almost half a million barrels daily. Related: What A Trump Presidency Means For Canadian Oil

China’s total oil imports last year hit a new high, with foreign oil satisfying more than 64 percent of demand – a trend that is seen to continue over the next four years. In the 2015- 2020 five-year plan, total imports are projected to increase by 17 percent, mostly on the back of falling domestic output, itself a result of maturing fields and high production costs.

This year alone, according to state giant CNPC, domestic demand for crude will hit 12 million barrels daily, which would necessitate a 5.3-percent increase in imports.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment





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