• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 13 hours CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 2 hours e-cars not selling
  • 2 days If hydrogen is the answer, you're asking the wrong question
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 3 days Natural gas mobility for heavy duty trucks
  • 3 days Ocean Heat Could Supply Endless Clean Energy
Ten Steps to a Faster Energy Transition

Ten Steps to a Faster Energy Transition

Rystad Energy has identified 10…

Editorial Dept

Editorial Dept

More Info

Premium Content

Chinese Oil Imports Spike

1. Chinese Oil Imports Soar to New Highs

- Chinese crude imports have reached their highest level since June 2020, with the country’s General Administration of Customs showing 52.3 million tons of oil imported, up 22% year-on-year.

- Despite GDP growth slowing down to 5% this year, China’s oil demand has been greatly boosted by the removal of stringent travel curbs and re-emerging flight activity.

- According to Kpler data, exports of Chinese products plunged last month to a third of December 2022 readings (when they hit an all-time high), a mere 650,000 b/d.

- Chinese refiners have been buying a great deal of spot cargoes from the Asian market, but they might prefer to run down their stocks in the summer as the OPEC+ production cut limits oil availability and hikes prices.

2. Diesel Cracks Weaken Despite Supply Woes

- European diesel margins reached their lowest levels this week since the Russia-Ukraine war began in late February 2022 and boosted the profitability of refiners.

- Falling as low as 17 per barrel, profit margins for refining crude into diesel are less than a quarter of the all-time high of more than 80 per barrel recorded in October 2022 amidst widespread concerns that the loss of Russian diesel would disrupt European demand.

- The closure of French refineries by striking trade unions has curtailed diesel supply in Northwest Europe, at the same time the widespread protests have also curbed…

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