Crude Oil

The stock answer to oil consumption 'weakness'

Mainland refined fuel inventories are declining.

Crude imports were 5.64 million barrels per day (bpd) last month, a gain of a mere 0.4 per cent from April and 6 per cent below the record 6 million bpd in May last year.

Thursday, 13 June, 2013, 5:03am

Beijing cuts cost of petrol after crude oil falls

Petrol and diesel prices are coming down on the mainland.

The mainland, the world's second-biggest oil consumer, is to cut fuel prices to motorists, in the first adjustment under new controls, after the cost of crude oil fell.

25 Apr 2013 - 6:15am

Dubai bourse seeks new role for China banks

The mainland fuel market offers big potential for the DME.

Dubai Mercantile Exchange (DME) is hoping to increase the participation of mainland and Asian lenders in financing trade in its Oman oil futures contract.

22 Apr 2013 - 2:50am

US exports crude oil to China

Men work the oilfields in California. US crude oil production will soon surpass oil imports. Photo: MCT

The US has started exporting crude oil to China for the first time since 2005, which analysts say gives Washington additional leverage in Sino-US relations and has major implications for the global oil market.

18 Apr 2013 - 5:54am

China takes a bold step in Afghanistan

A miner unloads coal from donkeys at a mine north of Kabul. Photo: AFP

While the West is pulling out of Afghanistan, China is scouting out the strife-torn country's natural resources, estimated to be worth trillions of US dollars.

Last year, Afghanistan's Ministry of Mines declared that 30 per cent of the country's land contains US$3 trillion of mineral resources. Getting the wealth out of ground, however, poses big political and security risks.

5 Dec 2012 - 3:12am

Iran to build more oil storage as sanctions bite: Press TV

An Iranian security guard walking in front of the Mahshahr petrochemical complex in Khuzestan province south western Iran on September 28, 2011. Photo: EPA

Iran will build millions of barrels of oil storage facilities in the Gulf over the next few months in response to international sanctions on its exports, Iran’s Press TV reported on Sunday.

26 Nov 2012 - 4:33pm 1 comment

Oil rises as Israel-Hamas fight continues

Palestinians flee their homes after an Israeli forces strike on nearby a sports field in Gaza City, Monday, Nov. 19, 2012. (Bernat Armangue/AP)

The price of oil rose above US$87 a barrel Monday in Asia as the conflict between Israel and Hamas showed no signs of abating, raising concerns about crude supplies.

19 Nov 2012 - 3:12pm

The other big shift going on in the global economy

The International Energy Agency said that it expects the United States will overtake Saudi Arabia as the world's leading oil producer by about 2017 and will become a net oil exporter by 2030.

Ever since the financial crisis, we have heard a great deal about how the world's economic centre of gravity is shifting.

The United States and Europe are in decline, their economies hamstrung by crippling public debt burdens.

Meanwhile, Asia is rising, propelled by the emergence of China as a trading and financial superpower.

14 Nov 2012 - 3:26am 2 comments

Sinopec close to deal for Nigerian oilfields

Chinese energy companies are seeking new oil and gas reserves abroad to feed the economy.

China Petroleum & Chemical Corp (Sinopec) is close to buying stakes in Nigerian onshore oil blocks from Total for about US$2.4 billion as it seeks to reverse a decline in oil reserves, industry sources say.

7 Nov 2012 - 3:36am

Rosneft to buy TNK-BP for US$54.8b in third-biggest oil deal

Rosneft is working to become a global leader. Photo: Bloomberg

Rosneft agreed to buy TNK-BP, a 50-50 venture between BP and a group of billionaires, for US$54.8 billion in the third-biggest oil acquisition ever.

By absorbing Russia's third-largest oil firm, state-run Rosneft will match the output of Exxon Mobil and control more than 40 per cent of Russia's crude output.

23 Oct 2012 - 4:19am

Iran still able to beat sanctions and sell oil to key markets in Asia

To continue selling crude oil to China, Iran is delivering the oil to its No 1 customer on its own tankers, backed by state insurance, not on the commercial tankers used in the past.

To sell to India, Iran is accepting payment in rice, medicine, engineering supplies and steel.

12 Sep 2012 - 3:54am

China Coal to suspend project in Heilongjiang

China Coal Energy, the country's second-largest listed coal producer by market value, has decided to suspend investing in a 17 billion yuan (HK$19.29 billion) coal and chemical project in Heilongjiang province.

28 Mar 2009 - 12:00am

Biofuel firm expands corn refining capacity

Global Bio-chem Technology, one of the mainland's largest corn-based biochemical product makers, plans to spend up to HK$6 billion over three years to expand its corn refining and downstream products capacity.

23 Apr 2008 - 12:00am

PetroChina's realised oil prices up 15pc

PetroChina, the Hong Kong-listed unit of the mainland's biggest oil producer, says it sold crude oil for 15.31 per cent more in the first nine months than in the same period a year earlier, riding on soaring global prices.

The realised oil price was US$31.55 a barrel, against $27.36 in the first nine months of last year, the firm said on its website.

16 Oct 2004 - 12:00am

Crude output declines 1.5pc

The mainland produced 65.89 million tonnes of crude oil in the first five months of this year, down 1.5 per cent year on year, the State Statistical Bureau said yesterday. Crude oil output last month alone was 13.56 million tonnes. Natural gas output was 9.08 billion cubic metres from January to May, 0.5 per cent down year on year.

27 Jun 1998 - 12:00am

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