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The economic downturn without oil city shopping spree or become the biggest importer of crude oil Chinese

The economic downturn without oil city shopping spree or become the biggest importer of crude oil Chinese

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
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The economic downturn without oil city shopping spree or become the biggest importer of crude oil Chinese

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information
This year, China's economic growth is significantly down, the momentum of the three quarter of crude oil imports slightly weakened, but the agency is expected in the second half of imports will exceed the size of the expected two digit growth, the annual import volume is further close to the largest importer of u.s..
China's official data released this month show that in September China's crude oil imports grew by 1.34%, following the August year on year to reduce the growth rate of 13.42% after a rebound. In the international oil price innovation in July, China's crude oil imports increased by 29% year on year. Although the volume of imports in September is still not high, but the Reuters reported that traders and analysts said that arrangements for 10-11 months of procurement activities have been strong back to temperature. These purchases will ease fears of a substantial reduction in China's imports and the price structure in the next few months.
Chauhan Virendra, an analyst at Aspects Energy, the oil industry Consultants Co, said the increase in procurement activities has been reflected in the trend of the oil tanker and the ship's fee. Yong Wendy, an analyst at FGE, said: "although the Chinese economy has slowed, but the operation and business inventories to accelerate the acceleration of oil imports are still strong."
Yet, the report says, since July this year, China granted small independent refineries nearly 70 million barrels a day of import quotas, accounted for about 10% of the total imports, oil traders evaluation of these small refineries compete for the use of quotas and state-owned oil refining enterprises have begun to replenish inventories. For example, Sinopec's joint petrochemical has purchased 6000000 barrels of oil, 2900000 barrels of oil in Beihai Forties oil field, Siberia, Russia, East - Pacific oil pipeline (ESPO) oil, but also by the purchase of Angola oil production in November delivery.
Analysts have raised expectations for the second half of China's crude oil imports growth. FGE will be the second half of China's crude oil imports increased by 10% year on year increase from 12% to 6750000, the annual import volume will grow 9% to barrels a day, with the United States to import a daily 7300000 barrels a day to not far. Reuters below shows the size of the oil imports in China for nine years as of last month.
Last month, Citigroup analyst Szpakowski Ivan expects China's crude oil reserves hit a new record this year, with the further decline in oil prices in July and August, China's oil refineries may turn to overseas markets to seek to continue to increase oil reserves. And PetroChina and Sinopec under the large oil refinery, the local small petrochemical enterprises are more likely to get through the import of crude oil, in view of this demand, China will maintain a rapid growth in the next year.
Wall Street informative article mentioned yesterday, Chinese import demand has attracted Saudi Arabia and Russia "strike violently". Saudi Arabia is facing competition from Russian crude oil in the Chinese market. Russia in May was surpassed Saudi Arabia, as the main supplier of crude oil in china. With the construction of the second pipelines, Russia will strengthen its position in the Chinese oil market in the next 10 years. In Russia's traditional market in Eastern Europe, Saudi Arabia is actively snatch market. The EU is trying to reduce its dependence on Russian energy, which gives Saudi Arabia to take advantage of the machine.
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