Tag Archives: China

China is set to overtake the European Union (EU) as the main consumer of Russian natural gas after the Power of Siberia 2 pipeline comes online by 2030. The pipeline, which is currently under construction, will bring gas from the Yamal reserves in west Siberia—the main source of gas supply …

Tuesday saw an increase in oil prices for a second day as a major pipeline supplying the United States, the world’s largest consumer of crude, remained closed and on hopes that demand will increase as COVID limits are eased in China, the world’s second-largest consumer of petroleum. Supply has been …

Crude oil began trading this week with a gain, pushed higher by the shutdown of the Keystone pipeline and uncertainty around the consequences of the G7 price cap on Russian oil exports. Brent crude was trading close to $76.50 per barrel at the time of writing, with West Texas Intermediate …

China’s president Xi Jinping mentioned on his trip to Riyadh last week that the Shanghai Petroleum and Natural Gas Exchange would be “fully utilized in RMB settlement in oil and gas trade.” Most commodities including crude oil are traded in US dollars. The renminbi trade was part of several “priority …

Saudi oil giant Aramco plans to work with Chinese partners to maintain the safety and stability of the industrial supply chains, the company’s Chairman Yasir Al-Rumayyan has told Xinhua. In a written interview with Xinhua on Friday, Al-Rumayyan said his company would cooperate with its Chinese partners also in various …

China’s largest unconventional onshore gas production field, located in north China’s Inner Mongolia Autonomous Region, has reached daily output of 100 million cubic meters, PetroChina said on Saturday. Operated by PetroChina, China’s largest oil and natural gas producer, the Sulige Gas Field located north of the Ordos Basin in Inner …

China is ready to expand cooperation with Qatar in traditional energy such as natural gas and renewable energy such as photovoltaic and wind energy, and raise the level of bilateral cooperation in finance and investment, Chinese President Xi Jinping said here Friday when meeting with Qatari Emir Sheikh Tamim bin …

China National Offshore Oil Corp (CNOOC) announced on Wednesday that the Enping 15-1 platform, Asia’s largest offshore oil production platform, was put into operation in the Pearl River Mouth Basin in south China’s Guangdong Province. The platform, about 160 meters tall and weighing over 30,000 tonnes, is the largest offshore …

The two biggest consumers of Russian oil now are China and India while Western countries impose sanctions and limit trade. Russia has been selling its oil at a discount to eager purchasers in Asia while major oil-producing countries try to preserve world prices by restricting output. This year, China’s purchases …

Crude oil prices climbed on Monday morning as Chinese cities continue to relax Covid restrictions now in their third year under the government’s zero-Covid policy. However, reports of two Covid-related deaths in two different cities have emerged over the weekend and they may give authorities cause for being cautious about …