China ///

CNOOC announces significant South China Sea discovery

CNOOC Limited has made a significant discovery of Huizhou 26-6 in Eastern South China Sea. It is expected to become the first mid-to-large sized condensate oil and gas field in the shallow water area of Pearl River Mouth Basin.

Coronavirus resurgence slows China’s demand for U.S. crude

A second wave of Covid-19 infections in China’s capital is threatening to depress the nation’s appetite for American oil just after a pick-up in purchases.

U.S. oil gaining appeal in Asia as OPEC+ suppliers limit output

Refiners in the top crude-importing region have been forced to accept big reductions in their regular contracted volumes from producers including Saudi Arabia and Iraq in the past couple of months. They’ve also been taken aback by sharp swings in official selling prices.

Chinese traders trying their luck with sanctioned Venezuelan oil

Officially, China hasn’t imported any Venezuelan crude since September after Washington sanctioned state entities including PDVSA. Information from data intelligence firm Kpler, however, signals the Asian nation is still buying, with as much as 3.3 MMbbl waiting off the Chinese coast as of June 15 and another 5 MMbbl en route to the port of Qingdao.

China broke oil import records in May, signaling a nearly complete recovery

Record figures underline how complete the demand recovery has been in the world’s largest oil importer, even as other countries struggle with the economic impact of lockdowns. It also suggests that China has been taking advantage of the collapse in prices to fill its strategic reserves on the cheap.

Backup of tankers demonstrates China’s recovering oil demand

Queues of tankers have formed off China’s busiest oil ports as the vessels wait to offload crude for refineries that are quickly ramping up production amid a rapid rebound in fuel demand.

Weekly Preview podcast: How prepared is the industry for an oil price rebound?

Our look ahead the coming week, including how drillers' ability to react to an increase in oil and gas demand could be impacted by technical and manpower limitations, and what key OPEC players have in store for the first week of June.

Saudis focus oil shipments on China during production cuts

An early look at Saudi Arabia’s crude exports for May shows that historic production cuts have done little to squelch the kingdom’s flood of oil to China, which is just getting back on its feet from the coronavirus.

Oil’s biggest monthly advance ever stalls on U.S.-China tensions

While futures in New York edged lower to trade near $33 a barrel, crude is still set for the biggest monthly gain in data going back almost four decades.

Daily Brief podcast: A look ahead at the coming week in oil and gas, May 25-29

Key trends for the coming week, including how industry groups' response to low oil prices differ dramatically in the U.S. versus other producing nations, China's big plans for its economy, and investment analysts turning their backs on key sectors of the industry.

Oil prices slip as China projects lower fuel demand

Oil retreated from the highest level in more than two months with doubts emerging over the strength of China’s economic recovery and as tensions rose between Washington and Beijing.

China’s central planners could jump-start commodity demand in Friday meeting

The policy-setting National People’s Congress beginning in Beijing on Friday is arguably the pivotal stage of a recovery that has seen China’s raw materials output and energy consumption rebound from a virus-induced crash to pre-pandemic levels.

Key global markets’ physical oil prices climbing as OPEC+ cuts supply

Demand is recovering in major oil consumers China and India, led by a rebound in gasoline and diesel consumption. Chinese refiners are seeing profits from turning crude into fuels, even as processors across much of the region including Singapore face negative margins.

Daily Brief podcast: How higher oil prices can threaten a recovering market

Oil reaches its highest price since March, which could lead to a new production imbalance in U.S. shale, and Oxy is left holding the bag on a major asset sale.

Oil highest since March as Chinese demand reaches 13 MMbpd

Oil rose to close at its highest in two months as demand in China returned to near pre-virus level and output curbs continued in the U.S. and elsewhere.

China paying a premium for select crudes illustrates demand’s return

Crude processing at China’s independent refineries is now higher than pre-virus levels, while fuel demand is also starting to rebound in India.

Chinese gas distributor says prices could turn negative on storage limits

One of China’s biggest natural gas distributors flagged the possibility of sub-zero market prices at its shareholder meeting, a scenario that would echo oil’s record plunge last month that stunned global markets.

China's crude inventory decline may augur a rebalancing oil market

Inventories drawing in China is an early sign that rebalancing may have begun in the global oil market after an epic collapse in demand, according to Morgan Stanley. Stockpiles dwindled even as oil imports in April increased from the previous month, according to Customs data.

China’s state producers slash $19 billion from 2020 capex budgets

Despite marching orders from China’s top leader Xi Jinping to maximize oil and gas production, the energy sector is bending to the reality of the pandemic-fueled market collapse.

Ample storage and a recovering China insulate Petrobras from the oil glut

Petrobras, Brazil’s state-controlled oil giant, is plowing through a global oil glut expecting that exports to China will soon rebound, and with extensive storage capacity helping it endure in the meantime.