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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Ron who wrote (10243)	4/10/2010 11:36:33 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 24228

China Boosts Oil Imports 29%, Remains Net Fuel Buyer (Update1) By Bloomberg News April 10 (Bloomberg) -- China, the world’s second-biggest energy consumer, increased March crude oil imports by 29 percent from a year earlier and remained a net importer of fuel as the country’s economic recovery drove demand. Crude imports reached 21.1 million metric tons, or 4.98 million barrels a day, preliminary data released by the General Administration of Customs showed today. Net imports were 20.8 million tons, second only to December’s record 20.9 million tons. Exports of Chinese-made goods rose 24.3 percent in March, spurring fuel consumption by factories. China may post a new all-time high for crude imports this year as a resurgent economy drives fuel-demand growth, an estimate from China National Petroleum Corp. showed on Feb. 4. “China may refine a record volume of crude oil in April because of high fuel demand during the spring farming season, and the general recovery in the economy,” Qiu Xiaofeng, an oil analyst with China Merchants Securities Ltd., said by telephone from Shanghai. “How demand will trend from here depends on when and by how much the government adjusts fuel prices,” he said. China relied on imports for more than half its crude oil needs last year as a demand recovery outpaced growth in domestic output. The economy, which expanded at the fastest pace in the fourth quarter since 2007, will grow four times faster than the U.S. in 2010, the United Nations said in December. Fuel Imports Imports of oil products including gasoline and diesel reached 3.22 million tons in March while exports totaled 2.64 million tons. The nation turned a net exporter of oil products in December and January as refineries, running at high rates, produced more fuel than needed. China may see an oversupply of oil products this year as the country adds an estimated 31.5 million tons a year of refining capacity, CNPC said on Feb. 4. Oil-processing rates are expected to remain high as refiners take advantage of the fuel- pricing mechanism introduced by the government in December 2008 that guarantees them a profit, China’s largest oil company said. The world’s biggest producer of coal exported 2.26 million tons of the resource last month. The customs department didn’t provide coal import numbers in today’s release bloomberg.com == Darwinian on April 10, 2010 - 8:44am The EIA’s latest International Petroleum Monthly came out yesterday with the production numbers for January. There were no big changes or surprises. World C+C production was up 190 to 73,228 thousand barrels per day. OPEC was up 234 kb/d to 31,088 kb/d and non-OPEC was down 43 kb/d to 42,140 kb/d. Of non-OPEC producers only China had significant gains, up 105 kb/d and only the UK had a significant drop, down 108 kb/d. Most OPEC nations had small gains with Iraq up the most, 100 kb/d and Angola and Venezuela were up 50 kb/d each. World “All Liquids” production was up 180 kb/d to 85,529 kb/d. OPEC liquids were up 258 kb/d to 34,477 kb/d and non-OPEC liquids were down 78 kb/d to 51,052 kb/d. For those wondering about non-OPEC production; there have been 15 months with higher production than this report since December 2003. The real big surprises in non-OPEC nations have been U.S. and Russia, non-OPEC’s two largest producers. New projects in the GOM and Eastern Siberia have given both these nations a considerable boost in production. So far it looks like the US peaked, (post Katrina), in December, 2009 and Russia in March of this year. (That is my opinion anyway.) I am of the opinion that non-OPEC C+C production will be slightly higher this year than last but still considerably lower than the peak year of 2004. At any rate, this year will be the last hurrah for non-OPEC production. Even the EIA and the IEA are predicting a non-OPEC “All Liquids” peak this year. Ron P.