Opinion

China Opens Floodgates for Crude Oil Imports, Fuel Exports


China's Ministry of Commerce has added 643,000 b/d to the 2017 fuel export quota for China's oil refineries, according to ESAI Energy's recently published China Trade Watch. This will significantly boost China's fuel exports in November and December 2017. The Ministry also announced a crude oil import quota of 2.85 million b/d for independent “teapot” refiners in 2018. The import quota, 55 percent higher than in 2017, sends a positive signal regarding crude imports and throughput for independent refiners next year. 

The China Trade Watch captures the most significant factors that shape China's oil trade. With the new fuel export quota, the full-year 2017 quota now rises to 933,000 b/d, from 826,000 b/dbefore the Ministry's announcement. Specifically, the annual quota for gasoline rises to 275,000 b/d from 235,000 b/d, diesel to 356,000 b/d from 295,000 b/d, and jet fuel to 302,000 b/d from 295,000 b/d. For crude oil imports in 2018, independent refiners received an unexpected total quota of 2,848,400 b/d. This marks a 1 million b/d increase from 2017 levels. 

“These announcements support our earlier forecast of rising year-end exports and crude imports beyond this winter,” points out Yao Wu at ESAI Energy. “In addition, the soaring non-state crude import quota next year will encourage competition between independent refiners and state-owned companies. While there is still no indication that independent refiners will be granted fuel export quotas next year, we expect them to play a more significant role in China's fuel markets in 2018."



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

https://esaienergy.com/?upid=10035765&ebid=1419294...

ChinaCrude ImportsFuel ExportsESAI Energy

More items from oilvoice


Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 2 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 7 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 7 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 7 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11

Total Announces the Distribution of its Second 2018 Interim Dividend

The Board of Directors met on December 12, 2018 and declared  the distribution of a second interim dividend for the 2018 fiscal year of €0.64 per share, in accordance with the Board's decision of July 25, 2018, an amount equal to the first 2018 interim dividend and an increase of 3.2% compared to t ...

OilVoice Press - OilVoice


Posted 7 months agoPress > TotalDividend
All posts from oilvoice