• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 16 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 20 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 9 hours Did China cherry-pick the factors that affected the economic slow-down?
  • 5 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 3 days Nord Stream - US/German consultations
  • 409 days Class Act: Bet You've Never Seen A President Do This.
  • 5 days An Indian Opinion on What is Going on in China
  • 2 days Forecasts for Natural Gas
  • 2 days Australia sues Neoen for lack of power from its Tesla battery
  • 5 days Storage of gas cylinders
  • 5 days Can Technology Keep Coal Plants Alive and Well?
Long-Term LNG Becomes Sellers Market As Prices Soar

Long-Term LNG Becomes Sellers Market As Prices Soar

Surging spot prices of liquefied…

Will Natural Gas Survive A Net-Zero World?

Will Natural Gas Survive A Net-Zero World?

Natural gas is often dubbed…

China Crude Oil Imports Decline Between January And September

Crude oil imports into China fell by 6.8 percent over the first nine months of the year, to 387 million tons, according to customs data cited by Reuters.

Natural gas imports, on the other hand, jumped by more than 22 percent over the period, to 89.85 million tons, the data also showed.

In September alone, crude oil imports fell by more than 15 percent from a year ago. Gas imports went up to the highest since the start of the year at 10.62 million tons, Reuters also reported, citing the official data.

"China's ambitions to cool commodity prices by drawing on commercial and strategic reserves, combined with power curbs in the industrial sector that cut into fuel demand, took a toll on crude oil imports," said Seng Yick Tee, senior director at SIA Energy, an oil and gas consultancy, as quoted by Reuters.

In addition to high—and still rising—oil prices, imports into the world's largest buyer of foreign oil were affected adversely by a crackdown on the Chinese private refining industry. Investigations for environmental law violations and tax evasion were one step Beijing took to rein in the so-called teapots.

Another was asking state oil majors to stop trading import quotas with the private refiners and cutting the latter's fuel export quotas, too. The authorities also increased taxes on fuels to restrain excessive supply growth on an already oversupplied market.

Meanwhile, however, China is struggling to keep the lights on because of the soaring prices of natural gas and the equally soaring prices of coal. The country has instructed utilities to do whatever it takes to ensure enough power generation raw material supply for the winter and has ordered an immediate boost in coal production capacity.

Earlier this week, Beijing also said it will be prioritizing energy security over climate commitments, with Premier Li Keqiang saying that the stable supply of energy must be the foundation of any transition to a less emission-intensive future.

"Energy security should be the premise on which a modern energy system is built, and the capacity for energy self-supply should be enhanced," Li said in the statement.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on October 13 2021 said:
    Sounds crazy to say "China is out of coal" but almost all of China's coal deposits are "uneconomic" meaning built well to create the biggest building bubble in Human History but not built in the least correct to power up a Chinese "national grid" and hence why South Korea remains the only "Asian Tiger" anywhere in Asia at the moment...to include Australia.

    So yes "soaring prices" but this is due to soaring bankruptcies which seems to be should be seen as a prelude to a massive Civil War in "Big China" so yes, i agree...oil demand has gone off a cliff in China. Asia still produces a not insignificant amount of oil (Borneo) but of course that oil is for export to the USA at the moment.

    Western Europe has an even more massive energy crisis on its hands at the moment as well as indeed there is a shooting War going on over there for quite some time and "the Euro" is in free fall with a massive hyperinflation underway there now as well just as in Russia.

    Canada looks to be next in the "currency collapse department" as well

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