Industrialized Cyclist Notepad


China will consume an increasing share of available oil exports

“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.

via China depends more on overseas oil |Economy |chinadaily.com.cn.



Iran tankers turn off transponders, but it’s pretty obvious where they’re going

It has long been assumed Iran would sell most of the oil shunned by Europe to China, its long-term strategic and commercial ally. But until now there has been scant proof.

India, however, has been buying oil on Iranian ships on extended credit for several months, industry sources say.

via THE DAILY STAR :: Business :: Middle East :: Iran employs off-radar oil shipping tactics to counter Western sanctions.



China filling reserves, U.S. trying to burn reserves

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.

via China Seen Bolstering Oil Reserves – WSJ.com.



The Effect of Iran Sanctions

Closer relations between Iran, India and China; creation of new financial networks to bypass the West. The inability to control Iran through non-military means may make military action more likely.

NEW DELHI, MARCH 28: 

India and China on Wednesday indicated that they will continue to maintain normal relations with Iran, while citing high crude oil prices and energy security concerns.

The Chinese Commerce Minister, Mr Chen Deming, said China respects all the United Nations resolutions.

However, in a veiled reference to the US sanctions on Iran, he added that Beijing is not obliged to follow the domestic rules and regulations of any particular country.

via Business Line : Industry & Economy News : India, China to maintain ties with Iran despite US, EU sanctions.




Follow

Get every new post delivered to your Inbox.

Join 82 other followers