Uncertainty over oil prices is hurting Chinese oil production Daily oil production in China – the world’s second-largest crude consumer after the United States – fell to a seven-year low in October, according to data from the country’s statistics bureau. Chinese oil production is falling as the country’s national oil producers remain cautious about raising production in the face of
Chinese banks will finance the 3.5 MMBOPD project with heavy oil upgraders Calgary-based Genoil Inc. (ticker: GNOLF), provider of upgrading technology for petroleum processing, has signed a letter of intent (LOI) for $50 billion worth of projects in Russia and Chechnya. The engineering company said it will develop oil fields and construct clean technology upgraders, refineries and pipelines in Russia
Low oil prices continue to hurt Chinese oil major PetroChina China’s largest crude oil and natural gas producer, PetroChina (ticker: PTR), released its third-quarter results today, reporting substantially lower income amid the global crude oil glut. Net income during the first nine months of the year fell 94% to 1.73 billion yuan ($255.2 million), the company said in its press
China’s GDP growth ‘suggests quite significant smoothing of the data’: analysts China’s gross domestic product continued to grow at a steady rate of 6.7% for the third straight quarter. Government infrastructure projects and a booming property market spurred prices and demand for raw materials and goods, from cement and steel to furniture, reports Reuters. The third straight quarter of identical
Gas Demand Growing as Coal Prices and Exports Heat Up Henry Hub aside, the real hot commodity this summer has been coal, as spot prices for Australian thermal reached $100 per ton (ASD) in September for the first time since April, 2012. The country is the world’s second largest exporter of coal, behind Indonesia. This price spike has been spurred
Crude oil inventory build offset by refined product draw, supporting prices above $50 per barrel Both Brent and WTI crude prices are up after falling earlier in the day on expectations of a 3 MMBO crude oil build. The build exceeded expectations, with the U.S. adding 4.9 MMBO to its inventory according to the EIA, but prices recovered following the
From Stratfor Summary Nearly eight months after the Trans-Pacific Partnership (TPP) was signed, its fate is still up in the air. While giving a speech in Havana on Sept. 26, Japanese Prime Minister Shinzo Abe reiterated his commitment to ratify the agreement before the end of the year. On the same day, Japan’s legislature convened for a 66-day special session to discuss, among other
China Leads the Planet in CO2 Emissions, but Persian Gulf States Lead on Per Capita Basis According to the World Bank’s current data, China was the leading emitter of carbon dioxide in 2011, outstripping the CO2 emitted by the U.S., India, and Russia combined. This should come as no surprise, as a country’s carbon emissions generally have a positive relationship
China’s crude oil imports at a four-month high as the country halts high-cost production Crude oil production from the world’s largest energy consumer hit a six-year low in August, according to information released by the National Bureau of Statistics Tuesday. Production in China fell 9.9% from a year ago to about 3.9 MMBOPD, the lowest since December 2009, according to
From Epoch Times China Petroleum & Chemical Corp. announced plans to sell half of its stake in a major trans-China natural-gas pipeline, in a bid to raise capital and fund exploration as part of China’s ambitious goal to wean itself off of coal. Sinopec, as the company is commonly called, is looking to divest 50 percent of its cross-country pipeline
From Geeskaafrika.com Ethiopia says physical work on a massive $4 billion cooperative natural gas project between Ethiopia, Djibouti, and China will soon be launched. The announcement was made Thursday by Ethiopian Foreign Minister Tedros Adhanom at the opening of the 4th Ethiopia-Djibouti Joint Ministerial Committee Meeting in the capital, Addis Ababa. The project is made up of a natural gas
Oil output down more than 7%; Coal down more than 15% The glut of oil brought on by OPEC’s decision to defend market share continues to put pressure on producers around the globe, particularly in China. China’s largest oil and gas producer, China National Petroleum Corp. (CNPC), reported 2015 profit was less than half of what it was in 2014
