State researcher: China's oil demand will peak in 2027 and is up 100,000 bpd from this year.
A state oil researcher stated on Monday that China's total demand for oil, including all its products, will peak in 2027. This year, the sector of petrochemicals is expected to increase by about 100,000 barrels a day, due to increased volume. The researcher says that the soaring use of electric vehicles (EVs) in China…
S&P Global: China's oil stocks help offset global surplus
S&P Global, which spoke at the APPEC Conference on Monday, said that China, as the world's largest oil importer, had been stockpiling the crude at a record pace for several years, helping to balance a global surplus despite the output increases by OPEC+. China has built up crude oil stocks at a rate 530,000 barrels per daily (bpd) this year.
India to Continue Buying Russian Oil Despite US Tariffs
India will continue to buy Russian oil as it proves economical, its finance minister said on Friday, despite the Trump administration's decision to impose heavy import tariffs on Indian goods due, in part, to its energy purchases from Moscow.As Europe and the U.S. have shunned Russian oil over Moscow's 2022 invasion of Ukraine…
India permits production of ethanol using sugarcane juice and molasses
In a Monday notification, the Indian government announced that it would allow production of ethanol without volume restrictions from sugarcane syrup, juice and all other types of molasses in 2025/2026. Sugarcane supply had dropped, and the second largest sugar producer in the world was forced to reduce production during this marketing year.
Nayara Energy Relies on Dark Fleet to Transport Fuels
Indian refiner Nayara Energy, backed by Russia and under European Union sanctions, is relying on a dark fleet to import oil and transport refined fuels, according to shipping reports and LSEG flows.Nayara, which controls about 8% of India's 5.2 million barrel-per-day refining capacity…
Chinese Refiners Purchase 15 Cargoes of Russian Oil, Indian Demand Falls
Chinese refineries have purchased 15 cargoes of Russian oil for October and November delivery as Indian demand for Moscow's exports falls away, two analysts and one trader said on Tuesday.India has emerged as the leading buyer of Russian seaborne oil, which has sold at a discount…
China's crude imports in June reached the highest daily rate of since August 2023
Data showed that China's crude imports increased in June to the highest rate daily since August 2023. This was after refineries increased their operations and imports from Saudi Arabia and Iran rose, according consultancies. Data from the General Administration of Customs revealed that China was the world's biggest crude oil importer…
China's crude imports from June rose after Saudi Arabia and Iran imports increased.
Data showed that China's crude imports increased in June, both month-onmonth and year-onyear. This was due to refineries increasing operations, and an increase in imports from Saudi Arabia and Iran. Data from the General Administration of Customs revealed that China was the world's biggest crude oil importer…
Crude Prices Fall After Report of OPEC+ Planning August Production Increase
Brent and U.S. West Texas Intermediate crude prices fell on Friday, reversing gains after a report that OPEC+ was planning to hike production in August following an increase planned for July.Brent crude futures were down 25 cents, or 0.37%, to $67.48 a barrel by 1615 GMT, while U.S.
Indonesia approves Kuwaiti explorer to develop Anambas block in Natuna Sea
Officials said that the Kuwait Foreign Petroleum Exploration Company has received approval to develop the Anambas Block in Indonesia where it hopes to acquire additional projects. KUFPEC plans to invest $1.54 billion in developing the Anambas Block to produce 55 millions standard…
Russell: Trade truce will not revive China's energy imports from the US
Markets have welcomed the move by China and the United States to negotiate and reduce tariffs, but this will not do much to restore trade in energy commodities. In a truce that will last 90 days, the United States will lower its tariffs for imports from China by 30% while Beijing reduces its duties on U.S. products to 10%.
Russell: Trade truce will not revive China's energy imports from the US
Markets have welcomed the move by China and the United States to negotiate and reduce tariffs, but this will not do much to restore trade in energy commodities. For a period of 90 days, the truce will see the United States lowering its tariffs on imported goods from China to 30 percent while Beijing lowers its duties on U.S.
As Trump tariffs cause demand concerns, refining stocks plummet to levels not seen in two years.
Investors were rattled by fears about a slowdown in oil and fuel consumption and a decline in refining margins after President Trump announced new tariffs. According to LSEG data, the market capitalization of top refiners Marathon Petroleum and Valero Energy, as well as Phillips 66…
Palm oil prices rise on Indian purchases but still set to lose money each week
Malaysian palm futures reversed their early losses on the Friday as India, the world's largest edible oil importer, increased purchases in the last two days. However, they are still expected to decline by a significant amount each week. By midday, the benchmark contract for palm…
EIA data show that US oil production reached a record high in October.
The U.S. Energy Information Administration reported on Tuesday that U.S. crude oil production increased by 260,000 barrels a day (bpd), month over month, to a new record of 13.46 million bpd during October. Demand surged to its highest level since the pandemic. U.S. crude oil…
Palm oil prices rise on the back of bargain-buying and strong competition oils
Malaysian palm oils futures rose Friday on the back of bargain-buying and higher rival edible oil prices, but weaker export estimates limited gains. The benchmark contract for palm oil delivery in March on the Bursa Derivatives Exchange rose 82 ringgit or 1.8% to 4,625 Ringgit ($1,035.14) per metric ton.
Year Ender: Big Oil retreats from renewables as climate agenda falters
In 2024, major European energy companies increased their focus on oil and natural gas to maximize profits in the short-term. They also slowed down and sometimes reversed climate commitments. This is a trend that will likely continue in 2025. Oil majors have retreated after governments…
Oil Rises on China Stimulus Hopes, US Inventory Drop
Oil rose almost 1% on Thursday in thin holiday trade driven by hopes for additional fiscal stimulus in China, the world's biggest oil importer, and supported by an industry report showing a decline in U.S. crude inventories.Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year…
Palm oil prices drop on the back of heavy sales and a weakening in Dalian palm oil
After the Christmas holiday, Malaysian palm oil futures fell on Thursday due to heavy selling and weakness of Dalian palm olein. At midday, the benchmark March palm oil contract on Bursa Malaysia's Derivatives exchange fell 12 ringgit or 0.26% to 4,546 Ringgit ($1,017.69). On Monday and Tuesday, the contract increased by 2.82%.
Palm prices fall on profit-taking ahead of the Christmas holidays
The price of palm oil futures in Malaysia fell on Tuesday, as traders booked profits before the Christmas holiday. At midday, the benchmark March palm oil contract on Bursa Derivatives Exchange dropped 28 ringgit or 0.62% to 4,514 Ringgit per metric ton. Anilkumar bagani, commodity researcher at Sunvin Group…