WorldOil “Zombie” tankers triple Venezuela’s oil exports to China despite U.S. sanctions While PDVSA’s internal documents show vessels like Vinland, Pacific Cape and Vision loading at the port of Jose, these vessels are not operational. Data show that they were sent to the scrapyard months prior to the scheduled loading dates in Venezuela. U.S. sanctions China’s CNOOC on drilling in disputed South China Sea CNOOC’s operations in the South China Sea have run into controversy because China claims drilling rights in waters far from its borders, and within 200 miles of countries like Vietnam and the Philippines. China’s fuel imports surge in advance of Lunar New Year travel The nation’s success in warding off a major outbreak during the Golden Week holiday in early October may boost optimism for locals preparing to travel back home during the Lunar New Year break. ADNOC taps China’s BGP for world’s largest 3D onshore/offshore seismic survey project The award underscores the important role seismic surveying plays in enabling ADNOC to identify and explore new hydrocarbon resources as highlighted by the recent major discoveries of recoverable unconventional oil resources and conventional oil reserves. Oil price climb continues on Asian market strength With the prospect of a coronavirus vaccine improving oil’s longer-term outlook, there’s been a renewed rally in the forward curve. On Wednesday the much-watched spread between Brent’s nearest two December contracts briefly flipped into a bullish backwardation for the first time since March. Leading Chinese refinery selects AspenTech for digitalization program Aspen Technology announced that Hengli Petrochemical Refinery, a leading Fortune Global 500 refinery in China, has chosen Aspen DMC3TM software to accelerate digitalization at its integrated refining and chemical plant in Dalian, China. China to surpass U.S. as world’s largest oil refiner in 2021 The rise of China’s refining industry, combined with several large new plants in India and the Middle East, is reverberating through the global energy system. China considers buyout of Exxon’s oil assets in Iraq Iraq awarded a contract to develop the West Qurna oilfield to Exxon and Royal Dutch Shell Plc in 2009. The oilfield is one of the world’s largest with expected recoverable reserves of over 20 billion barrels. Philippines energy secretary OKs offshore drilling without China Philippine Energy Secretary Alfonso Cusi said PXP Energy Corp. can survey Reed Bank in the disputed sea even without partnering with China National Offshore Oil Corp. China raises oil quota 20 percent to leverage low oil prices Against a backdrop of sagging demand and signs of growing supply, the world’s biggest oil buyer raised the quota for use of overseas oil by non-state entities next year by more than 20% versus 2020, according to an announcement from the Ministry of Commerce.