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China’s crude oil imports to exceed 400 mln tonnes this year -Sinopec exec

China’s crude oil imports will exceed 400 million tonnes this year, said an executive at a Chinese state oil giant on Tuesday, as continuing low oil prices and declining domestic output sparked increased overseas purchases. China’s crude imports are also expected to grow by double digits in 2018, Zhang Haichao, vice president of Sinopec Group, told Reuters on the sidelines of an industry conference in Beijing on Tuesday. Zhang’s estimates mean Chinese demand for imported crude would grow by around 400,000 barrels per day (bpd) this year, which would likely ...

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Australia starts assessing potential LNG export restrictions for 2018

The Australian government on Monday began the formal process to determine whether 2018 will be a “gas shortfall year” and whether the country’s LNG exports will be restricted as a result. Under the Australian Domestic Gas Security Mechanism, announced June, the government can, from January 1, force exporters to limit LNG shipments or find new sources of gas supply to prevent a domestic gas shortage. A conclusion is to be reached between September 1 and November 1, according to the Department of Industry, Innovation and Science. If export controls are ...

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China, India oil imports show Saudi Arabia is already carrying the burden of cuts: Russell

Saudi Arabia wants to do more to boost crude oil prices by taking a razor to its exports, but the kingdom is already doing much of the heavy lifting in Asia, where it is surrendering market share in the world’s top importing region. Saudi Energy Minister Khalid al-Falih said after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies on Monday that his country would limit crude oil exports to 6.6 million barrels per day (bpd) in August, almost 1 million bpd below levels a ...

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China imports 5.79 mil mt of coking coal in June, steady on year

China’s coking coal imports in June at 5.79 million mt were little changed on the year, while recovering from a drop in volumes in May, according to customs data. Mongolia was the largest source of imports in June, with 2.6 million mt, followed by Australia with 2.22 million mt. The two sources switching around compared to June 2016 when Australia was the largest. Imports grew from 4.65 million mt in May. Australia shipped only 655,000 mt in May, as shipment volumes fell from Queensland, the largest source of seaborne met ...

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UAE’s ADNOC cuts September crude oil allocations by 10%

State-owned Abu Dhabi National Oil Co has cut its allocations for September-loading crude oil by 10% for the majority of its customers, a company spokesman said Tuesday. Cuts in previous months have affected all three of ADNOC’s crude grades — Das Blend, Murban and Upper Zakum — as part of the UAE’s commitment under OPEC’s November 30 deal to reduce production by 139,000 b/d in the first half of 2017 from October levels. That amounts to a quota of 2.874 million b/d. The UAE produced 2.87 million b/d in June, ...

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Egypt’s GASC seeks wheat for Sept. 1-10 shipment

Egypt’s General Authority for Supply Commodities (GASC) set a tender on Monday to buy an unspecified amount of wheat from global suppliers for shipment from Sept 1-10. GASC Vice Chairman Ahmed Youssef said the authority was seeking to buy cargoes of soft and/or milling wheat from the United States, Canada, Australia, France, Germany, Poland, Argentina, Russia, Kazakhstan, Ukraine, Romania, Bulgaria, Hungary and Paraguay. Tenders should reach GASC by noon local time (1000 GMT) on Tuesday. The results should come out after 3:30 p.m. local time (1330 GMT) on the same ...

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Indonesian Steel Producers Urge Gov’t to Monitor Imports Better

Indonesian steel manufacturers urge the Indonesian government to improve the monitoring of steel trade as rising steel imports undermine the performance of domestic steel producers. Hidayat Triseputro, Executive Director of the Indonesian Iron and Steel Industry Association (IISIA), said domestic steel production capacity is indeed not enough to meet domestic steel demand. However, importers are currently taking advantage of the import policies, and this comes at the expense of expansion of the domestic steel industry. Indonesian steel importers can enjoy free import duties on alloy steel. However, many of these ...

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These Companies Imported Venezuelan Crude In 2016

Last week it was reported that the Trump Administration is considering significant sanctions that could impact oil imports from Venezuela. The threat of sanctions is in response to Venezuelan President Nicolas Maduro’s pledge to rewrite his country’s constitution on July 30. President Trump promised that if he followed through, the US “will take strong and swift economic actions.” According to the most recent data from the Energy Information Administration (EIA), the U.S. presently imports 800,000 barrels per day (BPD) of oil from Venezuela. This ranks Venezuelan imports third behind Canada ...

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S.Korea’s KOSPO seeks to buy 480,000 T of coal for Sept-October

Korea Southern Power Co Ltd (KOSPO) is seeking to buy a combined 480,000 tonnes of low calorific coal for loading between September and October via a tender, the state-run utility said on its website www.kospo.co.kr. The tender will close at 0500 GMT on July 28, and other details are as follows: Source: Reuters (Reporting By Jane Chung; Editing by Sherry Jacob-Phillips)

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Will U.S. Liquefied Natural Gas Find A Market In Asia?

The short answer to the question posed is…yes….it already has. After 18 months of exporting, some 35% of all U.S. LNG has reached Asia. It’s clear that the Asian giants want to reduce their coal over-reliance by using more natural gas. I’ve documented that fact here and here. The time is now to diversify because local gas prices are almost as low as those in the U.S. – after being 4-5 times higher just a few years ago. You could call $6 LNG the “sweet spot” for building new demand. ...

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Diesel cargo planned from Europe to Asia diverted to Turkey – trade

Diesel cargo originally fixed from Europe to Asia in July in what traders said was an unusual move has been diverted to Turkey instead, traders say. Oil major BP had fixed the Nan Lin Wan to ship 90,000 tonnes of diesel from the Amsterdam-Rotterdam-Antwerp (ARA) region to head to Singapore, shipping fixtures had showed. This will now head to Turkey instead, a shipbroker says, though this could not be confirmed with BP. A refinery outage in Greece has firmed diesel prices there and is attracting cargoes, trade sources say. Diesel ...

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Saudis Emphasize Oil Export Cut as OPEC Deal Sees Few Tweaks

Saudi Arabia promised deep cuts to crude exports next month, emphasizing its commitment to eliminating a global oil-supply glut even as OPEC and its allies said Libya and Nigeria would keep increasing output. Shipments from the Organization of Petroleum Exporting Countries’ largest producer will be capped at 6.6 million barrels a day in August, 1 million lower than a year earlier, Saudi Arabia’s Energy and Industry Minister Khalid Al-Falih said on Monday. The kingdom won’t act alone to balance the market and other nations should improve their implementation of supply ...

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China’s June gasoline exports to N.Korea fall y/y, but up from May

China’s gasoline exports to North Korea fell in June from a year ago, but still jumped nearly 60 percent from the previous month, official data showed on Monday. Gasoline accounts for the bulk of China’s fuel exports to the isolated state. The refined oil shipments to North Korea are being closely watched amid pressure on Pyongyang to rein in its nuclear and missile programmes. Gasoline exports, which are often volatile, fell 30 percent from June last year to 8,262 tonnes, but rose 58 percent from May, according to the General ...

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China June coal imports from Mongolia, Russia rise – customs

China’s coal imports from Mongolia and Russia rose in June as utilities and steel mills sought out less expensive raw materials even as the government tried to curb purchases of foreign fuel. Coal-fired power demand rose last month during a prolonged heat wave in northern China at the start of the peak consumption period. Since mid-February the two nations have helped fill a supply gap caused by China’s ban on coal from North Korea. In the first half of the year, imports from Mongolia were up 79.5 percent from last ...

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Russia is top China oil supplier 4th straight month in June, longest streak ever

Russia was China’s biggest crude oil supplier for a fourth straight month in June, its longest streak ever in the top spot, data from the General Administration of Customs showed on Monday. China’s total crude oil imports reached 36.11 million tonnes in June, or 8.79 million barrels per day (bpd), making the country the world’s largest buyer for a second month. However, imports dipped 2.9 percent from May’s purchases, the second-highest on record. Russia’s shipments to China last month rose 27 percent from a year ago to 1.27 million bpd, ...

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