• 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
  • 59 mins Which producers will shut in first?
  • 5 hours How to Create a Pandemic
  • 19 mins TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 7 hours KSA taking Missiles from ?
  • 7 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 7 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 6 hours Trump eyes massive expulsion of suspected Chinese spies
  • 2 hours WE have a suicidal player in the energy industry
  • 3 hours Eight Billion Dollars Wasted on Nuclear Storage Plant
  • 7 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 21 hours Today 127 new cases in US, 99 in China, 778 in Italy
Saudi Arabia Is Ignoring U.S. Pressure

Saudi Arabia Is Ignoring U.S. Pressure

Saudi Arabia is unlikely to…

China’s Crude Oil Imports Set To Plunge By 20% In February

Tanker

China’s crude oil imports could drop by as much as 15 to 20 percent on the year in February, due to the coronavirus outbreak and the slump in domestic fuel demand, the Global Times reported on Thursday, citing a researcher at the China National Petroleum Corporation (CNPC).

The lower demand with all the travel restrictions to contain the outbreak could lead to Chinese imports dropping by up to 8 million tons (or around 200,000 bpd) this month compared to the same month last year, Wang Lining, deputy director of the Oil Market Research Department at CNPC’s Economics and Technology Research Institute told the Global Times.

According to Refinitiv Oil Research, as cited by Reuters, crude oil imports in China are set to stand at 10.53 million bpd in February, down from imports of 10.69 million bpd in January—an expected drop of 160,000 bpd month on month.  

March is also expected to see depressed demand and lower crude oil imports.

But if the coronavirus epidemic is contained in March, China’s oil imports could rebound in April and May, because of recovering gasoline and diesel demand, CNPC’s researcher Wang told the Global Times.

Due to weak fuel demand and depressed industrial activity, Chinese refiners—from the biggest refiner in Asia, Sinopec, to the independent refiners in Shandong—have cut refinery runs, while commodity trading houses and oil majors are scrambling to find spot buyers for crude oil outside China.  

Refinery run rates at the largest Chinese companies CNPC and Sinopec have slumped by 15 percentage points since January, while the independent refiners’ utilization rates have plummeted by 28 percentage points as compared to the refinery operations before the Chinese New Year, Wang told the Global Times. 

While refiners have cut run rates, China’s fuel exports are booming amid battered domestic demand, analysts and trade sources tell Reuters as higher Chinese exports flood the Asian market, which sees depressed demand from the outbreak itself.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage




Leave a comment

Leave a comment

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