• 2 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 2 days Schlumberger Warns Of Moderating Investment In North America
  • 2 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 2 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 2 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 2 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 3 days British Utility Companies Brace For Major Reforms
  • 3 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 3 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 3 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 3 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 4 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 4 days Russia, Saudis Team Up To Boost Fracking Tech
  • 4 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 5 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 5 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 days China To Take 5% Of Rosneft’s Output In New Deal
  • 5 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 6 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 6 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 6 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 6 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 7 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 7 days Aramco Says No Plans To Shelve IPO
Russia Goes All In On Arctic Oil Development

Russia Goes All In On Arctic Oil Development

Fighting sanctions and low oil…

China’s State Oil Giants Import More Oil In May

Refinery

China’s crude oil imports went up by 15.4 percent on an annual basis last month on the back of more purchases coming from state-owned companies, Platts reports. The daily import rate for state oil companies was 8.8 million barrels.

Teapot refiners, who drove last year’s increase in Chinese oil imports, last month bought 46 percent more crude than in May 2016, although the 1.99 million bpd was 3 percent lower than their daily import rate for April.

According to Platts, the May import rate is the second-highest on record, after the 9.21-million-bpd recorded for this March. The news service of the ratings agency quoted an analyst from the S&P Platts China Oil Analytics department as saying that most of the cargoes that arrived in May were booked in March, when oil prices were attractively low.

Right now, prices are even more attractive, but this month is likely to see smaller import figures for state-owned companies because of the ramp-up of supplies. This should change in July as peak demand for fuels kicks in.

Teapot imports may fall more consistently. Earlier this week, a group that represents most of the independent oil refiners in China issued a statement pledging the members’ full compliance with government regulation governing how these independents operate, so that they don’t trigger complaints from the state-owned giants, Reuters reported after seeing the statement.

Related: The Dark Side Of The Oil Tech Boom

The statement comes after Beijing announced it would stop accepting applications by refiners to import crude oil beginning May 5. It also began stricter checks on the teapots’ tax practices.

However, in the same month the government issued additional fuel export quotas, which helped a 5.5-percent annual increase in fuel exports in that month. The monthly increase in fuel exports was heftier, at 15.1 percent, to make for refinery closures for maintenance during the previous month and the fulfillment of older quotas.

By Irina Slav 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