Rumors about China not moving ahead on the development of the crucial West Karoun oilfields are incorrect.
SINGAPORE: China is expected to import a record amount of crude oil in 2023 due to increased demand for fuel as people travel more following the dismantling of COVID-19 controls and as a result of new refineries coming onstream, analysts said
Oil prices could return to the $100 per barrel mark in the second half of 2023 on the back of rising Chinese demand and expected limited additional supply, Afshin Javan, Iran’s OPEC representative, told Reuters on Wednesday.
Despite a relatively underwhelming rebound in Chinese demand, oil prices were pushed higher at the start of this week by the embargo on Russian oil products and the earthquake in Turkey which took an oil terminal offline
A strong rebound in China’s oil demand this year may lead to the OPEC+ group reconsidering its production targets and quotas, according to the International Energy Agency (IEA).
Western sanctions over Russia’s invasion of Ukraine, including the looming Feb. 5 embargo and price cap on refined products, have been pushing Russian fuel oil barrels eastward into Asia at attractive discounts since last year
Oil prices eased on Friday, with major benchmarks headed for their second straight week of losses, as the market awaited further signs of fuel demand recovery in China to offset looming slumps in other major economies.
Oil prices drifted lower in early trade on Monday, thinned by the Lunar New Year holiday in east Asia, but held on to most of last week’s gains on the prospect of an economic recovery in top oil importer China this year.
Oil prices climbed on Monday as the borders reopened in China, the world’s top crude importer, boosting the outlook for fuel demand growth and offsetting global recession concerns
China, the world’s largest buyer of crude, has opened the door to trading crude oil and natural gas in its local currency, rather than the US dollar, although it’s not clear a change would happen anytime soon.