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Asian Oil News

 

China Moves to Buy More Russian Oil, but Will it Help or Hinder?

Jun 30, 2022

China is laying the groundwork to take an ever increasing share of steeply discounted Russian crude oil in a move that could, in theory at least, free up supplies from other countries and boost the supply of refined fuels.The world's biggest crude importer bought record volumes from Russia in May, and vessel-tracking and port data compiled by Refinitiv Oil Research suggests an increase in June.Official data showed imports from Russia at 1…

Oil Trade; Asia Imports more Seaborne Russian oil than Europe

Jun 20, 2022

Almost four months after Russia’s invasion of Ukraine, Russian crude oil, Urals, has seen a switch in flow from its traditional market of Europe to Asia. Since the start of the war, based on the average of March to May 2022, Indian imports of…

IEA Says World Oil Demand to Rise 2% in '23

Jun 15, 2022

World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook…

OPEC Sees Global Oil Demand Growth Slowing in 2023

Jun 14, 2022

World oil demand growth will slow in 2023, OPEC delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on the global economy.Fuel use has rebounded from the 2020 pandemic-induced slump…

China Moves Another 2 Million Barrels of Iranian Oil into Reserve Tanks

May 18, 2022

China is set to receive close to two million barrels of Iranian oil this week and pump into a reserve base in south China, according to tanker tracker specialist Vortexa Analytics.Diona, a very large crude carrier owned by National Iranian Tanker Company (NITC)…

Costlier Smaller Tankers Deployed to Move Displaced Russian Oil to China

Apr 29, 2022

Traders are deploying smaller, costlier vessels to ship displaced Russian oil from European ports to China, in a rare move as Western sanctions on Moscow force them to use unconventional methods to transport the product.About 5 million barrels…

India's ONGC Struggling to Move Russian Oil

Apr 26, 2022

India's Oil and Natural Gas Corp (ONGC) is struggling to find a vessel to ship 700,000 barrels of crude from Russia's Far East, in a growing sign that complex trades involving one of Moscow's biggest partners are being interrupted by Western sanctions…

Oil Up Again on Tight Supply, Steady Demand

Mar 29, 2022

Oil prices rose on Tuesday, recovering some of the previous session's losses as Kazakhstan's supplies continued to be disrupted and major producers showed no sign of being in a hurry to boost output significantly.Brent crude LCOc1 rose $1.54…

China Taps Alternative Payments to Keep Russian Oil Flowing

Mar 04, 2022

Chinese refiners are paying for Russian crude oil using cash transfers to maintain imports from Russia’s Fast East, as banks shy away from financing the oil because of sanctions, sources with knowledge of the matter said.Global oil prices have…

Iran's Oil Exports On the Rise

Feb 10, 2022

Iranian oil exports have risen to more than 1 million barrels per day for the first time in almost three years, based on estimates from companies that track the flows, reflecting increased shipments to China.Tehran's oil exports have been limited since former U…

Oil Hits Seven-year High

Feb 04, 2022

Oil prices surged to seven-year highs on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers.Brent crude rose $2…

OPEC+ to Stick with Planned February Output Increase, Sources Say

Jan 03, 2022

OPEC+ is expected to stick to its plans for a February output increase when it meets on Tuesday, predicting a mild and short-lived impact on demand from the Omicron coronavirus variant, three sources from the group of oil producers told Reuters on Monday…

Carnarvon Spuds Buffalo-10 Well

Dec 31, 2021

Carnarvon Energy announced drilling has commenced at the Buffalo-10 well in the Timor Sea as the Australian oil and gas company aims to confirm sufficient hydrocarbons to support an economic development at the shut in Buffalo field north of Australia…

Oil Prices Hold Near $80 on Tight Supply and Stocks Drop

Dec 29, 2021

Oil prices held close to $80 a barrel on Wednesday as global supply outages and declining U.S. inventories offset worries that rising coronavirus cases might reduce demand.Brent crude rose to as much as $79.20 a barrel before retreating to trade 24 cents down on the day at $78…

China Oil Demand to Peak by 2030

Dec 27, 2021

China's oil consumption is expected to keep growing for a decade on robust chemical demand, reaching a peak of about 780 million tonnes per year by 2030, a research institute affiliated with China National Petroleum Corp (CNPC) said on Sunday…

Current News

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More Than Two Dozen Missing after Ship Snaps in Two, Sinks Off Hong Kong

Russia's Control of Sakhalin Project Could Pose Upside Risk to LNG Prices

Russia's Control of Sakhalin Project Could Pose Upside Risk to LNG Prices

Portugal's EDP to Scale Up Offshore Solar Plants in Southeast Asia

Portugal's EDP to Scale Up Offshore Solar Plants in Southeast Asia

India Imposes A Windfall Tax On Oil Producers and Export Duties For Oil Products

India Imposes A Windfall Tax On Oil Producers and Export Duties For Oil Products

Russia to Replace Sakhalin-2 Project Operator with New Firm

Russia to Replace Sakhalin-2 Project Operator with New Firm

State Agency Wants Net-zero Carbon Emissions from Australia's Giant LNG Plant

State Agency Wants Net-zero Carbon Emissions from Australia's Giant LNG Plant

Gazprom Cancels Dividend for First Time Since 1998. Shares Drop

Gazprom Cancels Dividend for First Time Since 1998. Shares Drop
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