Some data points from the article:
- China: world's #2 consumer of crude oil
- imports rose 16.5% in the first five months of this year compared to same period last year
- three reasons cited
- domestic crude oil production falling; dropped over 7% in May
- produced about 4 million bopd in the January - May period; a drop of about 170,000 bopd from 2015
- therefore: 170,000 bopd of the additional 1 million bopd import increase due to decrease in local production
- filling strategic storages at a fairly rapid pace (locking in great prices while they can)
- estimate: about 1 million bopd went into either commercial or strategic storage
- third factor: rising exports of refined products
- diesel exports surged over 300%
- gasoline exports surged almost 65%
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.