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

Contracts

Huisman Opens Production Facility in Brazil

Huisman officially opened its new production facility in Navegantes, Santa Catarina state, in the south of Brazil on Thursday, April 16. The facility is used for

MacArtney Connectivity for Navy Bow Sonar Systems

MacArtney delivers connectivity for Thales FREMM frigate bow sonar systems    MacArtney Underwater Technology supplied SubConn underwater connectivity solutions

Eastern Delivers 60th Towboat to Florida Marine

Eastern Shipbuilding Group, Inc. delivered the M/V Bill Seymour (Hull 190), the 60th 90’ Inland Towboat to Florida Marine Transporters, Inc. of Mandeville, La.,

Tanker Trends

White House Says US Ship Near Yemen to Ensure Commerce

The White House said on Tuesday that the presence of a U.S. aircraft carrier near Yemen is intended to ensure freedom of navigation and commerce in the area.   White

New Tanker Designs Feature Reduced Ballast Capacity

‘Clear Advantage’ tanker design series is reported to reduce ballast requirements by 40%. Ready to be built, the designs combine operational and environmental performance

Stena Bulk Charters Out LNG Carrier

Stena Bulk has signed an agreement covering the charter of the LNG carrier Stena Blue Sky for the North West Shelf Project in Australia. The duration of the

Energy

Oil Majors Push Offshore Players for 30% Cuts

Smart players leverage low debt, adjust work schedules, seek spot gigs and new markets 30%That’s the minimum level of capital expenditure cuts facing owners and operators of offshore rigs,

Petrojarl I Drydocked for EPC Redeployment Upgrade

FPSO upgrade marks major step for Damen Shiprepair & Conversion as a full service conversion group   After four months of preliminary work alongside, FPSO Petrojarl I moved on April 16,

Petronas to Deliver LNG from FLNG in Q1 2016

The world's first floating liquefied natural gas (LNG) project, built by Petronas, is expected to supply its first cargoes in the first quarter of 2016, senior

Fuels & Lubes

Federal Funding for LNG Conversion Projects

The U.S. Maritime Administration (MARAD) announced that $900,000 in federal funding is now available to support the conversion of existing U.S. flag vessels to liquefied natural gas (LNG) propulsion.

ABB Improves Efficiency of World’s Largest Ships

ABB Turbocharging helps improve engine performance on record- breaking containerships   ABB has designed turbochargers powering the largest ships in the world.

Cheaper Fuel to Boost Container Shipping

Lower oil prices are sharply reducing the cost of shipping merchandise from Asia to the United States and Europe as the cost of bunker fuel tumbles. Container

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.1666 sec (6 req/sec)