• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 4 mins The Most Annoying Person You Have Encountered During Lockdown
  • 30 mins Which producers will shut in first?
  • 13 hours Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 5 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 10 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 5 hours How to Create a Pandemic
  • 5 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 23 hours WE have a suicidal player in the energy industry
  • 11 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 14 hours Death Match: Climate Change vs. Coronavirus
  • 6 hours Where's the storage?
  • 9 hours KSA taking Missiles from ?
Alt Text

The First Victims Of The Oil Price War

The oil price war and…

Alt Text

Is Oil Heading To $10?

As Saudi Arabia continues to…

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

Premium Content

China Launches World’s First Smart Oil Tanker

China unveiled the world’s first intelligent Very Large Crude Carrier, which will have a capacity of more than 2.257 million barrels, China News Service reports, adding that the vessel, named New Journey, was delivered to China Merchant Energy Shipping Co. in Dalian.

"At present, countries around the world are actively promoting intelligent navigation and developing intelligent technologies for ships, which plays an important role in improving maritime traffic safety, energy conservation, emission reduction and economic efficiency," the news service quoted the vice chief engineer of the company that built the VLCC, Dalian Shipbuilding Industry Co., as saying.

Among the “intelligent” features of the vessel, according to Guan Yinghua, are assisted autopilot navigation, intelligent liquefied cargo management, comprehensive energy efficiency management, equipment operation and maintenance, and finally integrated ship-to-shore communication, China News Service reports.

China is the world’s largest oil importer, last year taking in more than 20 percent of the global total in monetary terms. Its top suppliers are Russia, Saudi Arabia, Angola, Iraq, and Oman. Chinese crude oil imports are likely to continue growing as more refining capacity comes on stream over the next couple of years. Related: Trump: We Won’t Protect Foreign Oil Tankers For Free

Currently, Chinese refiners are already processing crude at record-high rates, with the average for April at almost 12.7 million bpd. This year, total refining capacity in the country will add some 890,000 bpd, of which almost half has already come on stream at an independent refiner’s 400,000-bpd refinery. In 2020, another 1.08 million bpd in refining capacity will start operating, which will push imports higher as well as domestic production continues declining due to natural causes such as depletion and geologically challenging formations that are holding back new production.

Yet refining capacity will not stop growing next year: refiners are building another 1.12 million bpd in new capacity that will come on stream in 2021. While this could—and likely would—worsen an already serious fuel glut in Asia, it will continue driving the world’s top importer’s shipments from abroad. The smart VLCC could be the first of many as cost management continues to be a top priority in an upward trend for imports and volatile international prices.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




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