Saudi Arabia and China will increase their cooperation in the oil sector as the growing Chinese market seeks oil supply, the two countries said in a joint communique issued on Saturday, according to a transcript published by state news agency Xinhua. Both countries acknowledged the importance of the stability of the oil market, with China praising Saudi Arabia’s role of being a “safe and reliable” oil supplier. The communique was issued as King Salman ended his visit to China on Saturday.
l Chinese independent refineries — the so-called “teapot” refiners who are responsible for the surge in the country’s oil imports — are still consuming more oil this year. The operating rate at independent refineries in eastern Shandong province rose to record 60.4 percent of capacity in the week ending Thursday, according to industry website Oilchem.net. The rate is seen climbing slightly next week on rising diesel demand and production resumption at some refiners, the website said.
l Chinese independent refineries — the so-called “teapot” refiners who are responsible for the surge in the country’s oil imports — are still consuming more oil this year. The operating rate at independent refineries in eastern Shandong province rose to record 60.4 percent of capacity in the week ending Thursday, according to industry website Oilchem.net. The rate is seen climbing slightly next week on rising diesel demand and production resumption at some refiners, the website said.
