Filed under: Uncategorized | Tags: ANE, China, China oil consumption, China oil imports, Chindia, crude oil, peak oil, The Yergin Gap, westtexas, Yergin
“China is importing an increasing amount of crude, which is the most crucial issue for the country’s energy supply,” said Zhang during the Boao Forum for Asia Annual Conference
And the most crucial issue for the world’s energy supply too.
One way to look at it is that we in the west are being outbid by people in Asia for available oil exports. The price is high because if it were any lower people would want to consume more than can currently be produced.
Filed under: Uncategorized | Tags: China oil consumption, China oil imports, oil reserves, oil reserves purchases, SPR, strategic petroleum reserve, US oil consumption
China consumption rising, US consumption dropping. From the Wall Street Journal:
Analysts have been watching China’s import data climb higher over recent months. The wave of imports, added to domestic production, has exceeded the amount of crude the country’s refineries can process, analysts said.
Moreover, China has been increasing its oil purchases even though prices have soared, a rare occurrence for a country that usually steps out of the market when prices are high. The market’s conclusion: After a three-year hiatus, China is filling up its strategic petroleum reserves.