China Imports More Oil Than U.S. for First Time Ever

Press Release
Wednesday, March 27, 2013

China reached this milestone in December 2012, as its net petroleum imports surpassed those of the U.S.

In a recent press release NYC-based PIRA Energy Group reports that weak reported oil demand in the U.S. reduced the commercial stock draw. In Japan, crude runs began to ease, which built crude stocks. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the following:

Every year for at least the last two decades, Chinese oil demand has increased in both absolute and relative terms, that is, as a percent of world total demand. Since the price spike of 2008 and the following recession, U.S. oil demand has been declining in both absolute and relative terms, for all years except 2010. This, coupled with growing U.S. oil production, has led to a downward trend in U.S. net oil imports, while Chinese net oil imports continue to grow inexorably. December 2012 was the first time Chinese net imports exceeded U.S. net imports, and this trend will continue to grow for years to come.

Weak Reported Demand Reduces U.S. Stock Draw

Overall U.S. commercial oil inventories fell the week ending March 15. Most of the draw was in crude oil, largely due to an Alaskan in-transit inventory decline, which offset a crude stock build in PADDs I-III. Reported product demand fell on the week, while weather adjusted demand and actual exports were down. Despite the small overall inventory decline, the year-on-year stock excess narrowed.

International Tanker Markets Remain Weak
International tanker markets remain weak, although a drop in bunker prices over the past month has helped improve vessel earnings somewhat. VLCC rates recovered modestly from early February after falling to the lowest level in more than two years as tonnage demand suffered when Saudi Arabia and the other Middle East Gulf producers cut exports in January. The product tanker sector in the Atlantic Basin, which had been the sweet spot among the tanker groups ever since Hurricane Sandy struck in November of last year, fell sharply.

Click here for additional information on PIRA's research services.

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

Contracts

InterMoor Completes Juniper Mooring Installation Contract

InterMoor has completed a mooring and foundation installation campaign for bpTT’s Juniper gas project offshore Trinidad and Tobago, reportedly the largest foundation

Huisman Cranes for New Maersk Subsea Support Vessels

In December 2014, Huisman secured a contract from COSCO (Dalian) Shipyard for the delivery of four customized 400mt Rope Luffing Knuckle Boom Cranes and two 100mt

Boost for Offshore Wind Energy

As part of President Obama’s Climate Action Plan to create American jobs, develop domestic clean energy resources and cut carbon pollution, Secretary of the Interior

Tanker Trends

Gypsy Moth Clause Takes Balanced Approach to Risk

A new BIMCO clause provides a simple, practical and commercial solution focusing on the basic obligations and responsibilities of owners and charterers when dealing with the Asian Gypsy Moth (AGM).

Batangas Port Sets Container Record

Batangas Container Terminal (BCT) set a new record in 2014 for containers handled, says its operator Asian Terminals, Inc. (ATI).  Port handled over 98,000 twenty-foot-equivalent

Yamal LNG Inks Deal with Gazprom to Sell LNG in Asia

A trading subsidary of Russian gas producer Yamal LNG has signed a long-term supply contract with a trading subsidiary of Gazprom, under which liquefied natural

Energy

KR Launches Software to Aid ECA Compliance

The Korean Register (KR) has launched an in-house developed software program to assist vessels with fuel oil change over when complying with the new low sulphur regulations.

Study Examines Impacts of Inland Waterway Investment

The National Waterways Foundation (NWF) has commissioned and released a two-year study to examine the U.S. inland waterways’ national economic return on investment

Boost for Offshore Wind Energy

As part of President Obama’s Climate Action Plan to create American jobs, develop domestic clean energy resources and cut carbon pollution, Secretary of the Interior

Fuels & Lubes

KR Launches Software to Aid ECA Compliance

The Korean Register (KR) has launched an in-house developed software program to assist vessels with fuel oil change over when complying with the new low sulphur regulations.

Oil Majors Seek to Claw Back Costs from Service Firms

Global oil majors say they are demanding cheaper but better services from engineering and service companies, or simply taking work back in-house, after losing hundreds

BP Remains Singapore's Top Marine Fuel Supplier

BP Singapore kept its spot as a top marine fuel supplier by volume for the eleventh straight year in 2014 at the world's biggest bunkering port, the Maritime Port Authority of Singapore (MPA) said.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.5390 sec (2 req/sec)