China’s oil consumption peaked in 2023, CNPC says

SHANA (Tehran) – China's refined oil consumption peaked in 2023 at 399 million metric tons (7.98 million barrels per day) and is expected to fall 1.3% to 394 million tons in 2024, CNPC Economics & Technology Research Institute said on Friday.

Oil Price Reported:

Iran's Oil Supply to China Most Expensive in 5 Years

SHANA (Tehran) Iran’s crude oil going to China these days is priced at its narrowest discount to Brent in five years.

China’s Oil Imports from Iran Reach the Highest

SHANA (Tehran) - China’s independent refiners have increased their crude imports from Iran by 4.3 percent in June to an eight-month high of around 6.1 million metric tons.

China's March crude imports slip 6% but rise slightly in Q1

China's crude oil imports in March fell from high levels a year earlier but remained strong amid a surge in Russian shipments, official data showed on Friday.

Aramco sees China demand growing, eyes more investments

Saudi Aramco chief executive Amin Nasser said on Sunday that the oil giant was looking at further opportunities to invest in China, where he said oil demand was robust and growing.

Oil prices fall on China demand worries

Oil prices extended last week's losses on Monday on concern about slow demand in China, although lingering geopolitical risk surrounding the Middle East and Russia limited the decline.

China's 2023 crude oil imports hit record as fuel demand recovers

China's annual crude oil imports hit an all-time high in 2023, customs data showed on Friday, as fuel demand recovered from a pandemic-induced slump despite economic headwinds.

Oil edges up; markets shrug off China inflation data, eye fresh drivers

Oil prices edged up on Thursday as markets shrugged off deflationary indicators in China and looked for further clues on the status of demand from the world's two biggest oil consumers.

China refiners cut oil output as thin margins, quota shortage bite

China's oil refinery utilisation rates are easing from record third-quarter levels as thinning margins and a shortage of export quotas discourage plants from raising output for the rest of 2023, according to traders and industry consultancies.

Oil, gas industry has ‘considerable’ potential for Iran-China cooperation: Mokhber

SHANA (Tehran) – Iran’s first vice president said on Monday oil and gas industry has a “considerable” potential for Tehran-Beijing cooperation.

China's 'teapot' refiners mop up swelling Iranian crude, defying U.S. curbs

Appetite for Iranian crude is growing in China, the world's biggest oil importer, after the extension of supply cuts by Saudi Arabia and Russia boosted global prices, while Tehran is stepping up output and exports despite U.S. sanctions.

Oil edges up on tighter supplies, heating oil prices

Oil prices edged higher on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concerns about global demand growth amid high interest rates.

Oil dips further as China worries counter supply cuts

Oil prices dipped on Monday as concerns about China's faltering economic recovery and a stronger dollar took the momentum out of seven weeks of gains on tight supply.

Iran’s oil shipments to China triple amidst U.S. sanctions

Iran’s oil shipments to China have more than tripled over the past three years despite the U.S. sanctions on the country and the increase in Russia’s shipments to China.

Oil prices up 2% to three-month high on tight supply, China stimulus hopes

Oil prices climbed over 2% to a three-month high on Monday on tightening supply, rising U.S. gasoline demand, hopes for Chinese stimulus measures and technical buying.

IEA chief says oil demand projections depend on China's growth

The International Energy Agency (IEA) will revise its global oil demand growth projections based on the economic growth prospects of China and some other countries, its executive director Fatih Birol said on Saturday.

Brent oil hovers over $80 as inflation worries ease

Global oil benchmark Brent hovered above $80 on Wednesday, buoyed by China's pledge to reinvigorate economic growth and expectations the U.S. Federal Reserve will stop raising interest rates soon.

Oil up on strong China refinery data

Oil prices rose on Thursday after a plunge the previous day, as data showed a jump in refinery runs at the world's top crude importer China, but a weak economic backdrop capped gains.

China's yearly natural gas use logs first decline in over three decades, EIA says

China's natural gas consumption and LNG imports dropped in 2022 as a result of lower economic growth and higher gas prices, marking the first annual decline in consumption since 1990, the U.S. Energy Information Administration (EIA) said.

Oil slips on weak China demand fears, U.S. rate rise forecast

Oil prices fell in Asian trade on Tuesday, extending losses seen in the previous session, as weak economic data from China and expectations of a U.S. interest rate increase weigh on the market.

Oil prices steady on uncertain global outlook and supply concerns

Oil prices were steady on Monday as concern over rising interest rates, the global economy and the outlook for fuel demand were balanced by the prospect of tightening supplies.

Oil edges up as China's economy gathers pace

Oil prices firmed slightly on Tuesday, after falling 2% in the previous session, as stronger economic data from the world's largest crude importer China underpinned the demand outlook.

China's March crude oil imports surge 22.5% from year earlier

China's crude oil imports in March surged 22.5% from a year earlier to the highest since June 2020, data showed on Thursday, as refiners stepped up runs to capture fuel export demand and in anticipation of a domestic economic recovery.

Oil steady as market awaits China GDP data

Oil prices were steady on Monday as investors eyed Chinese economic data for signs of demand recovery in the world's second-largest oil consumer.

Oil rises on China stimulus expectations, weaker dollar

Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles.

Asia main driver of 2023 oil consumer market

Global oil demand in 2023 is expected to grow 2.32 mb/d compared with 2022. China and India continue to remain the main drivers in the oil market this year. According to the Organization of the Petroleum Exporting Countries (OPEC) data, China will have a 26% share (590 tb/d) of this global increase in oil demand, but the IEA estimates China’s share at 47% (900 tb/d) of its own estimate of 1.9 mb/d increase. In-between, Russia has become a leading oil supplier to China. The Directorate of OPEC and International Energy Fora of Iran’s Ministry of Petroleum has reviewed the oil market based on the latest reports released by the OPEC, International Energy Agency (IEA) as well as the US’s Energy Information Administration (EIA).

Owji talks of good deals with China, record sour gas output, SP Phase 11 launch

TEHRAN (Shana) – Iran’s oil minister on Saturday talked of good agreements with giant Chinese companies, record annual production of sour gas, and launch of Phase 11 of South Pars (SP) gas field.

Tehran, Beijing Cooperation Favorable for Future of Iran

TEHRAN (Shana) -- A member of the Energy Committee of the Islamic Parliament said: “Today, the economic cooperation between Iran and China is more coherent than ever, and the recent visit of the president to this country can bring good results for Iran.”

Iran Can be Supplier of China's Energy Demand: Expert

TEHRAN (Shana) -- An expert on energy issues said since the driving engine of China's economy is the energy sector and Iran also has stable sources of energy, the latter could easily meet China's needs.