Tuesday, September 17, 2013

China Oil Recap Last Two Weeks Sept 17th

China set to become top oil importer - FT.com Switch on global market reflects shifting international relations The global oil market will hit a milestone next month when China overtakes America to become the world's largest net oil importer, if projections by the US Energy Information Administration are correct. The switch highlights the shifting international relations driven by the steady growth in China's oil imports and the steep decline in America's.

Weak China oil demand contrasts with recovering economy - thenews.com.pk The market view on China has shifted to one of economic recovery, built on the back of a string of stronger data outcomes, but imports and consumption of crude oil aren't fitting neatly into this narrative. The weakness in August's oil imports has largely been attributed to a correction after July's record, coupled with maintenance of more than 600,000 barrels per day (bpd) at refineries.

China Oil Majors Barred From Expanding Refineries - ABC News Environmental regulators have taken the unusual step of blocking China's two biggest oil producers from expanding their refining capacity after they failed to meet targets for reducing pollution. The penalties for PetroChina and Sinopec are a fresh blow to China's state-owned oil industry following this week's announcements that four senior executives are under investigation for unspecified offenses.

China to invest 80 billion yuan in oil and gas exploration this year | Reuters China will invest 80 billion yuan ($13.07 billion) in oil and gas exploration in 2013, state media said on Sunday, as it tries to boost energy supplies reduce its dependence on energy imports. Oil and gas investment in China has risen from 19 billion yuan in 2002 to 67.3 billion yuan in 2011, the official Xinhua news agency said, citing Ministry of Land and Resources figures. More than 5 billion tons of petroleum reserves and 2.6 trillion cubic meters of natural gas were discovered between 2008-2011, Xinhua said. China, the world's biggest energy consuming country, has promised to cut its growing dependence on overseas oil and gas supplies. ...Imported gas is delivered via pipeline from Central Asia and by ship from countries such as Australia , Indonesia and Qatar. China bought 42.5 billion cubic metres (bcm) of gas from overseas last year. That was up more than 30 percent compared with 2011 and a nearly 10-fold increase from 2007.