• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 7 mins WTI @ 67.50, charts show $62.50 next
  • 9 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 10 hours Mike Shellman's musings on "Cartoon of the Week"
  • 5 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 15 hours Venezuela set to raise gasoline prices to international levels.
  • 5 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 9 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 15 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 22 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 21 hours Corporations Are Buying More Renewables Than Ever
  • 11 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 1 day Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 12 hours France Will Close All Coal Fired Power Stations By 2021
Alt Text

Southern Company Just Raised Cost Estimates For This Megaproject Again

Southern Company's subsidiary announced yet…

Alt Text

Why The U.S. Won’t Sanction Venezuela’s Oil

Rumors of the U.S. government…

Alt Text

The Real Reason Behind The Next Oil Squeeze

An oil supply squeeze may…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Chinese Oil Demand Growth To Slow Down This Year

Beijing

China’s crude oil demand growth could slow down this year to 4.2 percent from 2017, versus 5.5 percent last year, S&P Platts analysts have estimated. The China Oil Analytics division of the agency estimates that this year, demand will grow by half a million bpd, which is in line with estimates made by the research institutes of China’s biggest oil companies CNPC and Sinopec.

Last year, China turned into the world’s top oil importer as its crude oil imports exceeded those of the U.S. on a monthly basis for most of the year. Now Chinese crude oil import volumes have also surpassed the American imports in annual figures, as it brings more refining capacity online and fills strategic inventories, while domestic oil production continues to decline.

January crude imports jumped to a new record, at 9.57 million barrels daily, but forecasts of slower GDP growth are making analysts wary of overly optimistic projections.

Sanford Bernstein is also skeptical about oil demand growth in the world’s top consumer. Higher oil prices and weaker GDP growth will inevitably lead to weaker oil demand,” the research firm said. "The focus is shifting from quantity to quality and (from) economic growth to environment. This means energy consumption would be capped due to improving energy efficiency and tight environmental control."

As part of these environmental control measures, China is raising its natural gas consumption—and naturally, imports. In December, gas imports hit an all-time high, as the country fought a cold spell amid efforts to reduce its dependence on coal in favor of natural gas. At 7.89 million tons—including pipeline flows and LNG shipments—the December figure beat the previous record, booked in November, by 20 percent.

Local production is also on the rise—at the fastest rate since 2014—but it is still lagging behind demand growth. This means more pipeline gas and LNG imports, too, seen at 114 billion cubic meters, including both pipeline supplies and LNG.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Vishwas on July 03 2018 said:
    OPEC + US + Russia just making up demand to sustain high oil prices. Oil demand may be negative in 2019.

Leave a comment




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