China ///

OPEC cuts forecast as virus dents China’s oil demand

The cartel reduced projections for demand growth in the first quarter by 440,000 barrels a day, or about a third, in its monthly report.

India taking up the slack as China cancels oil deliveries

Distressed oil supplies are being offered to India as the spread of the coronavirus crimps fuel consumption across China, prompting requests for cargo deferrals and cancellations by Asia’s no. 1 importer.

Daily Brief podcast, Tuesday, February 11th

In today's episode, we look at what the coronavirus is doing to Chinese gas demand, and the rare steps China is taking in response; gas prices in the U.S. fall to a four-year low; and oil holds around $50 in spite of OPEC's inaction.

Traders consider oil storage at sea as virus slows demand

Three of the world’s largest oil traders are seeking to store crude on tankers at sea as the industry tries to deal with a glut that’s emerged since the outbreak of the coronavirus in China.

PetroChina tells its expats to buy medical supplies and ship them to Beijing

In a sign of how desperate shortages may be getting, companies from PetroChina Co. to Geely Automobile Holdings Ltd. are scouring the world for medical supplies to send back home.

Shell, Total reject China’s force majeure on LNG shipments

Two of Europe’s biggest energy companies rejected a Chinese force majeure on liquefied natural gas contracts in the latest twist to a drama that’s gripping global commodities markets.

CNOOC refuses LNG cargoes, declaring force majeure over coronavirus

In a dramatic and rare step, China National Offshore Oil Corp. declared what’s known as force majeure, meaning it won’t take delivery of some LNG cargoes, because the virus is constraining its ability to import the fuel.

Oil sellers try to find alternative buyers for China-bound crude

Oil sellers are looking for alternative buyers in Asia for prompt cargoes as Chinese demand dries up because of the coronavirus and some customers ask to defer purchases.

Oil tumbles below $50/bbl with virus sapping Chinese demand

Oil fell below $50/bbl for the first time in more than a year as China’s oil consumption was said to plunge by 20% amid the spread of coronavirus, threatening what could be the largest demand shock since the since the global financial crisis.

Cargoes pile up as Chinese demand for Latin American oil grinds to a halt

Sales of Latin American oil cargoes to China have ground to a halt this week as the deepening crisis around the coronavirus further stifles an already quiet holiday period.

Energy stocks slump again on China virus fears

Energy stocks have quickly reverted to being among 2020’s worst performers as fears increase that China’s deadly coronavirus will hit oil demand.

In the battle for the world’s biggest oil market, the U.S. has a new advantage

The U.S.-China trade agreement is set to intensify the battle for the world’s most prized oil market.

Trump’s ‘beautiful’ China trade deal mandates purchase of U.S. oil and gas

While trade pacts traditionally set the rules and leave the details of actual commerce to markets, the one that Trump’s team has negotiated includes a classified annex that details $200 billion in Chinese purchasing categories.

China’s top oil firm sees demand growth cut in half in 2020

The world’s biggest oil import market could see demand growth in 2020 of just half of last year’s levels as the trade war’s ripple effects continue to be felt, according to researchers at China National Petroleum Corp.

China offers access for foreign oil and gas explorers as part of U.S. trade deal

China said it will open up oil and gas exploration to private and foreign firms, offering further details of a policy that will help assuage concerns over access to the industry ahead of next week’s signing of an interim trade deal with the U.S.

China offering LNG on the cheap hints at severe supply glut

One of China’s top liquefied natural gas buyers offered to sell a cargo on the cheap – and in the throes of winter – a fresh sign of the massive oversupply that has weighed on the market.

Tough road ahead for LNG as China’s demand decline continues

The demand slowdown has pushed LNG prices in Asia lower by almost 40% this year, a slump also aided by China’s rising domestic output of the fuel.

First oil

Kurt Abraham, World Oil

Adding up China’s numbers

China adds incentives for domestic natural gas production as imports increase

Natural gas production has recently grown in China largely because of increased development in low-permeability formations in the form of tight gas, shale gas, and to a lesser extent, coalbed methane.

Gazprom tallies gas production, infrastructure progress in eastern Russia

Gazprom reports preparations for the first pipeline supplies of Russian gas to China via the Power of Siberia gas pipeline, among several other eastern Russia gas projects.