China Now World's Largest Liquid Fuels Importer

MarineLink.com
Wednesday, March 26, 2014
Graph courtesy of USEIA

U.S. Energy Information Administration, Short-Term Energy Outlook, March 2014 reveals that in September 2013 China's net imports of petroleum and other liquids exceeded those of the United States on a monthly basis, making it the largest net importer of crude oil and other liquids in the world. The rise in China's net imports of petroleum and other liquids is driven by steady economic growth, with rapidly rising Chinese petroleum demand outpacing production growth.

U.S. total annual petroleum and other liquids production is expected to rise 31% between 2011 and 2014 to 13.3 million barrels per day, primarily from tight oil plays. In the meantime, Chinese production will increase at a much lower rate (5% over this period) and is forecast to be only a third of U.S. production in 2014.

On the demand side, China's liquid fuels use is expected to reach more than 11 million barrels per day in 2014, while U.S. demand hovers close to 18.9 million barrels per day, well below the peak U.S. consumption level of 20.8 million barrels per day in 2005. U.S. refined petroleum product exports increased by more than 173% between 2005 and 2013, lowering total net U.S. imports of petroleum and other liquids.

China has been diversifying the sources of its crude oil imports in recent years as a result of robust oil demand growth and recent geopolitical uncertainties. Saudi Arabia continues to be the largest supplier of crude oil to China and in 2013 provided 19% of China's 5.6 million barrels per day. Because production levels from Iran, Libya, and Sudan and South Sudan dropped since 2011, China replaced the lost shares of crude oil and other liquids imports from these countries with imports from Oman, Iraq, the United Arab Emirates, Angola, Venezuela, and Russia.

Source: U.S. Energy Information Administration, Principal contributor Candace Dunn

 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Asia-N.Europe Box Rates Jump 26 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped by 26 percent to $591 per 20-foot container (TEU) in the week ended on Friday,

CMA CGM-led Consortium Win Box Terminal Bid

The consortium formed by CMA CGM, Bolloré and CHEC won the bid process initiated by the Cameroonian government Following the bidding procedure initiated by the Cameroonian government,

HHI Orders Regasification Systems from Wärtsilä

South Korean shipyard Hyundai Heavy Industries (HHI) has ordered two seawater/propane based regasification modules from Wärtsilä. The systems are to be installed

Tanker Trends

Strong Returns for Sovcomflot

Russia’s biggest shipping company PAO Sovcomflot (SCF Group) surpassed its own expectations and went forward on both revenue and net profit in the first six months.

CSDC Profts Soar

The bulker and tanker unit of state conglomerate China Shipping Group, China Shipping Development Co (CSDC) has delivered a first half performance which saw its profit spike,

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

Energy

HHI Orders Regasification Systems from Wärtsilä

South Korean shipyard Hyundai Heavy Industries (HHI) has ordered two seawater/propane based regasification modules from Wärtsilä. The systems are to be installed

Hitachi Gas Supply System Order for MHI

Mitsubishi Heavy Industries, Ltd. (MHI) has received an order from Hitachi Zosen Corporation for a high-pressure gas supply system enabling use of natural gas as fuel in marine engines.

Eni Finds Giant Egyptian Offshore Gas Field

The Italian energy major Eni SpA discovered a “super giant” natural gas field offshore Egypt in what the Italian oil company said is the largest find in the Mediterranean Sea.

Fuels & Lubes

Bunkers International Files for Bankruptcy

U.S. based bunkering services firm Bunkers International Corp. announced August 28 that it has filed for reorganization under Chapter 11 of the Bankruptcy Code.

Cargo Ship Collides with Fueling Vessel at Sea

A 24-meter fuelling vessel, Erin Wood, was towed to Peterhead Saturday after a collision with a Cyprus registered cargo vessel, Daroja, the U.K. Maritime and Coastguard Agency (MCA) reported.

Marad Celebrates Deployment of Maritime Fuel Cell Project

The U.S. Department of Transportation’s Maritime Administration (MARAD) today celebrated the launch of field trials for the first prototype hydrogen fuel cell

Government Update

Greek Coastguard Rescues 2,500 over Three Days

Greece's coastguard has rescued about 2,500 migrants and refugees off the country's eastern islands over the past three days, authorities said on Monday, as the

Ships' lifting Apparatus at Abu Dhabi Ports

Abu Dhabi Ports have informed that they reserves the right to refuse the use of ships' lifting apparatus without valid certification and / or if the apparatus

Australian Defence Unveils Indigenous Artwork

Defence today unveiled an Indigenous painting at its Science and Technology headquarters in Canberra as a mark of respect for cultural diversity within the organisation.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2397 sec (4 req/sec)