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Brent crude futures were up $1.15, or 1.0 per cent, at $113.08 a barrel at 0042 GMT, while US West Texas Intermediate (WTI) crude futures climbed $1.62, or 1.4 per cent, to $114.02 a barrel, paring some losses after oil prices fell by around 2 per cent in the previous session.
NEW YORK: Oil prices sank about 6% yesterday alongside equities, as continued coronavirus lockdowns in China, the top oil importer, fed worries about the demand outlook.
The deliveries have been made through the Power of Siberia pipeline as part of the contract between Gazprom and China National Petroleum Corporation (CNPC), the company said, reported Russia Today.
Crude oil futures inched lower in mid-morning Asian trade April 29 as China's lockdown continued to weigh on crude sentiment despite fears of supply disruptions from a potential embargo on Russian oil.
According to the report, pre-construction coal power capacity between 2015 to 2021 decreased nearly 90 per cent in India. From approximately 238.6 gigawatt (GW) in 2015,
The move by Asia's biggest oil refiner to hit the brakes on a potentially half--billion-dollar investment in a gas chemical plant and a venture to market Russian gas in China highlights the risks of unexpectedly heavy Western-led sanctions.
China, the world's biggest greenhouse gases emitter, has said its carbon emission would peak by 2030, while it has said it would achieve carbon neutrality by 260.
SINGAPORE (ICIS)–Oil prices fell by more than $3/bbl on Monday amid growing fears that surging COVID-19 cases in China will lead a slew of fresh lockdowns which would hit demand. China is the world’s second biggest economy and largest oil importer.
With the OPEC promising only a modest increase in crude supplies next month and an unknown but possibly large slice of Russia’s 11 million daily barrels a day coming off the market as economic sanctions start to bite, the prospect of demand destruction starts rising.
China will help run its coal-fired power plants at full capacity in a bid to ensure energy security, despite the climate goals of the world's largest polluter. The Chinese government will support industrial sectors in "special difficulty," state news agency Xinhua reported this week, noting that "Food and energy security must be safeguarded."
The next commodity supercycle could start and end with Chinese graphite, the single most important battery material right now in terms of supply and demand. And one of the world’s top producers is a North American company with processing facilities set up in China right next to one of the world’s largest graphite mines.
Investing.com – Oil was down on Friday morning in Asia over concerns that the U.S. would implement measures to cool prices. Investors were also concerned that the latest COVID-19 outbreaks in China could dent fuel demand in the country. Brent oil futures were down 0.18% to $28.09 by 10:24 PM ET (3:24 AM GMT) and crude oil WTI futures were down 0.38% to $81.66. However, both Brent and WTI futures are set to climb for a fourth consecutive week, with the black liquid supported by a tight supply market in Libya and Kazakhstan as well as a fall in U.S. crude inventories to 2018 lows. Meanwhile, China, the world’s second-largest oil consumer, re-imposed stricter measures in response to the latest COVID-19 outbreaks. The omicron COVID-19 variant has already spread from the city of Tianjin to Dalian.
SINGAPORE :China's annual crude oil imports slid 5.4per cent in 2021, dropping for the first time since 2001, as Beijing clamped down on the refining sector to curb excess domestic fuel production while refiners drew down massive inventories. China has been the global oil demand driver for the last decade, accounting for 44per cent of worldwide growth in oil imports since 2015, when Beijing started issuing import quotas to independent refiners. Benchmark Brent crude oil weakened slightly to $84.40 per barrel in the wake of the data release.
The statement last week from Iraq’s Oil Minister, Ihsan Abdul Jabbar, that the newly resurrected Iraqi National Oil Company (INOC) has been given government approval to acquire ExxonMobil’s 32.7 percent stake in the supergiant West Qurna 1 oil field for up to US$350 million is likely to leave China delighted, the U.S. irritated, and Iraq’s oil industry still unable to achieve any of its key oil output goals. The last iteration of the INOC – created in 1966, before it was effectively closed down in 1987, with its remnants incorporated into the Ministry of Oil (MoO) – was founded on a mandate that included elements that seemed geared towards enabling malpractice of one kind and another.
Australia's Gladstone Port on the east coast finished 2021 by exporting a five-month low of 1.88 million mt of LNG in December, while volumes for the full year hit a record high of 23.28 million mt, data from the Gladstone Ports Corporation showed Dec. 7. The December volume was down 14% year on year, and 12% month on month. The fall comes comes after four consecutive months of increases, which culminated in an 11-month high of 2.14 million mt in November, the data showed.
The recent talks between Oman’s Assistant to the Chief of Staff for Operations and Planning, Brigadier Abdulaziz Abdullah al-Manthri, and the Chief of Staff of Iranian Armed Forces, Major-General Mohammad Bagheri, may mark a new phase in the already deep and broad relationship between Oman and Iran, and in the Sultanate’s drift into the Iran-China axis. “The two countries [Iran and Oman] have conducted several joint naval drills in recent years, within the scope of securing the waterway from the Persian Gulf through to the Gulf of Oman from smuggling and other threats, including terrorism, but these [recent] talks were concerned with expanding that cooperation both in terms of the armed services involved beyond just the navy and the scope of their joint activities beyond anti-smuggling and dealing with terrorist threats,” an Iranian source who works closely the Petroleum Ministry told OilPrice.com last week. The basic catch-22 for Oman that has expedited its move towards the Iran-China power axis is that it lacks the scale of natural resources to generate the financing required to keep its economy ticking over without any further industry but the industry that it is looking to diversify its economy with – petrochemicals – requires a lot of upfront financing before it pays off.
Oil demand suffered a severe blow last year when the initially ignored coronavirus in China spread around the world and started prompting lockdowns. Then the wave receded, and oil demand began to rebound, much faster than most expected. Despite the green transition push, demand will continue to recover into next year, too, and those after it. Many forecasters, including BP, in 2020 argued that peak oil was already past us and what we had to look forward to was a more renewable energy mix. And then Covid-19 case numbers in key markets began to decline, and oil demand began to rise. Since then, demand has rebounded so strongly that it has led forecasts to start warning of the possibility of a shortage. Saudi Arabia recently warned that underinvestment in new oil and gas production would lead to higher prices and supply crunches.
Most Asian stocks dipped Wednesday after a technology selloff weighed on U.S. equities and as investors assessed the omicron virus-strain outbreak. Shares slipped in Japan, technology stocks retreated in Hong Kong and China edged down. U.S. futures fluctuated after the S&P 500 and the Nasdaq 100 weakened Tuesday, snapping four sessions of gains. Volumes remained thin into the end of the year in some markets. Sentiment in China is being sapped by Beijing’s tightening oversight of overseas share sales and economic risks from a property slowdown. Authorities are expected to add stimulus next year to steady expansion. Treasury yields fell and a dollar gauge inched higher. Crude oil held around a one-month high partly on bets that the global recovery will ride out omicron. Bitcoin was around $48,000 after a tumble that hinted at diminished ardor for the most speculative assets.