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Russians decide against selling Iraqi oilfield to China

Russia’s Lukoil PJSC is retracting its decision to sell its stake in West Qurna-2 field in the south to Chinese companies, according to Iraqi state-run newspaper Al-Sabah.

Oil and gas in the Capitals

Jeff Moore, Contributing Editor

China’s new unilateral maritime law impacts all E&P in offshore ASEAN

China joins consortium taking a 49% equity stake in Aramco Oil Pipelines Co.

China’s Silk Road Fund and Hassana Investment Co., controlled by the Saudi Arabian government, joined a group investing $12.4 billion in Saudi Aramco’s oil pipelines.

Saudis raise oil prices in key Asian markets as demand challenges supply

Saudi Arabia increased oil prices for customers in its main market of Asia by more than expected after crude surged above $70 a barrel and OPEC forecast that global demand would heavily outstrip supply over the rest of the year.

China extends oil market dominance as tax code forces buying shift

China is set to extend its dominance in the global oil market as planned tax adjustments spark a chain reaction, prompting processors to boost crude imports and raise refinery run rates.

Shipyards in China’s vessel-repair hub ban arrivals from India

Zhoushan is also home to some of the country’s largest oil terminals and storage tank farms. The same restrictions do not extend to ships transporting cargoes from India, according to an official from Zhoushan port and oil traders who asked not to be identified.

Nigeria’s president restores four drilling permits revoked from China’s Addax

Nigerian President Muhammadu Buhari reversed a government decision to revoke four oil permits from a unit of China’s Sinopec.

Jump in Asian refinery orders augurs well for global oil demand

The pick-up in activity across the key Asian market comes amid a flurry of signs that global oil consumption is improving as economies including the U.S. shake off the impact of the pandemic. So far in 2021, Brent futures have soared 30%, and last traded near $67 a barrel.

China inks 25-year oil investment deal with Iran, straining U.S. ties

Beijing plans to invest in Iran while buying oil from the Islamic Republic, further straining its relationship with the U.S. which has already been frayed by China’s imports of covertly-shipped Iranian crude.

PetroChina’s $37B capex budget makes it the world’s most active oil company

China’s quick recovery from Covid-19 means that its demand for oil and gas has fully recovered from the pandemic-induced swoon of early 2020, and President Xi Jinping continues to make energy security a top priority.

Aramco seeks Chinese partnership for carbon capture and hydrogen goals

Aramco is looking to work with China on blue hydrogen and ammonia, synthetic fuels and carbon capture utilization and storage, Nasser said at the China Development Forum in Beijing. “All of these are essential to achieving our long-term, low-carbon ambitions,” said Aramco CEO Amin Nasser.

China’s clean-energy planners take aim at its $7B high-sulfur oil market

One of the fastest-growing corners of China’s energy market is facing a potentially devastating blow as Xi Jinping’s government increases scrutiny of high-emission fuels.

China buying record volumes of Iran’s sanction-discounted crude

Chinese imports of Iranian crude will hit 856,000 barrels a day in March, the most in almost two years and up 129% from last month, said Kevin Wright, a Singapore-based analyst with Kpler.

Iraq walks away from $2B upfront oil deal with China

Prepayment deals are rare in the oil world and this was meant to improve Iraq’s financial situation. While the government is still struggling, its position has improved on soaring oil prices, largely thanks to the rollout of coronavirus vaccines.

China helps Brent crude oil prices pass $60 milestone

It’s another milestone in a stellar comeback from the biggest demand destruction in a generation after the pandemic forced countries to lock down, devastated economies and grounded planes. West Texas Intermediate futures increased 0.3% on Tuesday, rising every day this month and taking gains to 11%.

Global oil supply imbalance shrinks China’s crude reserves

Inventories capped a seventh weekly decline last week, dropping to 990 million barrels, according to market intelligence firm Kayrros.

Millions of barrels of sanctioned Venezuelan crude finding their way to China

The cat-and-mouse games that avoid detection and sanctions include ship-to-ship transfers, shell companies and silenced satellite signals. But there’s another aspect to the dodge. It involves “doping” the oil with chemical additives and changing its name in the paperwork so it can be sold as a wholly different crude without a trace of its Venezuelan roots.

Trelleborg awarded contract by Torgy LNG AS to provide NjordGuard cable protection for Jiangsu Qidong Offshore Wind Project in China

Trelleborg’s NjordGuard cable protection system will protect inter array grid power cables on the project from over-bending, abrasion, and fatigue.

U.S. blacklists CNOOC for “bullying” in the South China Sea

China National Offshore Oil Corp. has for years drilled in waters far from its borders, and within 200 miles of countries including Vietnam and the Philippines. The activity amounts to the oil giant acting like a “bully” for China’s military to intimidate its neighbors, U.S. Commerce Secretary Wilbur Ross said in a statement announcing the move, which restricts access to U.S. technologies without specific permission.

Asian oil refiners target European crude as Saudi output falls

There have been signs across the oil market of traders expecting tighter supplies following the Saudi cuts. The shape of the Brent futures curve returned to backwardation earlier this week, meaning more immediate prices are trading at premiums.