China’s crude oil imports fall as buying frenzy fades

China’s crude oil imports fall as buying frenzy fades
A police officer keeps watch as a Kuwaiti oil tanker unloads its cargo at Qingdao in China’s eastern Shandong province. (AFP)
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Updated 08 November 2020

China’s crude oil imports fall as buying frenzy fades

China’s crude oil imports fall as buying frenzy fades
  • Independent refineries exhaust import quotas amid soaring inventory levels

BEIJING: China’s crude oil imports slipped 12.2 percent in October from the previous month as refiners hit the brakes after months of a buying frenzy that had raised crude inventory to a near-full level, and as independent refineries run out of import quotas.

China, the world’s No.1 crude oil importer, bought 42.56 million tons of the resource last month, data from the General Administration of Customs showed on Saturday. That is equal to 10 million barrels per day (bpd).

The October imports compared with 11.8 million bpd in September and 10.72 million bpd in October of last year.

Over January-October, China took in a total of 458.56 million tons of crude oil, the data showed, equivalent to 11 million bpd, up 10.6 percent from the same period last year.

Analysts had estimated that China’s implied crude inventories grew by an average 1.7 million bpd over the first three quarters.

Many independent refineries, who account for almost a quarter of China’s total crude oil imports, have nearly used up all import quotas for 2020.

But the tide could be changing.

“Buying interest has shown signs of picking up recently as port congestion has eased further and the government recently issued total import quotas for 2021,” said Chen Jiyao, head of China client advisory at FGE.

China will raise 2021 non-state crude oil import quotas by 20 percent from the 2020 level to 243 million tons.

Chinese customs also released data showing that the country’s refined oil product exports for October rose 46.6 percent from a month ago to a total of 5.79 million tons.

Natural gas imports, including piped and liquefied natural gas, were 7.53 million tons in October, up 15.5 percent from a year earlier.

State-backed energy giants had predicted China’s gas demand to grow about 10 percent this winter.


FII confirms over 140 global speakers for 2021 event

FII confirms over 140 global speakers for 2021 event
Updated 19 January 2021

FII confirms over 140 global speakers for 2021 event

FII confirms over 140 global speakers for 2021 event
  • The theme for 2020 will be “The Neo-Renaissance”

DUBAI: More than 140 prominent international speakers have been confirmed to speak at this year’s Future Investment Initiative (FII), which will take place on Jan. 27-28.

Some of the top names announced this week include Saudi Energy Minister Prince Abdul Aziz bin Salman; David Solomon, chairman and CEO of Goldman Sachs Group; Credit Suisse Group CEO Thomas Gottstein; Reliance Industries Chairman Mukesh Ambani; Patrick Pouyanné, chairman and CEO of Total; Lord Gerry Grimstone, the UK’s minister of state for trade; Hyperloop One co-founder Josh Giegel; and David Rubenstein, co-founder and co-executive chairman of The Carlyle Group.

The theme for 2020 will be “The Neo-Renaissance,” and due to travel restrictions as a result of the coronavirus pandemic, 60 speakers will attend in-person in Riyadh, while 80 will participate virtually from hubs in New York, Paris, Beijing and Mumbai.

Some of the other speakers will include Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund and chairman of the FII Institute; Ray Dalio, co-chairman and chief information officer of Bridgewater Associates; Snam CEO Marco Alvarez; Dr. Sultan Al-Jaber, the UAE’s minister of industry and advanced technology, and special envoy and group CEO of the Abu Dhabi National Oil Co.; Eric Cantor, vice chairman and managing director of Moelis & Co.; Sultan Ahmed bin Sulayem, group chairman and CEO of DP World; and Saudi Investment Minister Khalid Al-Falih,

In addition, delegates can expect to hear from Princess Reema bint Bandar bin Sultan Al-Saud, Saudi ambassador to the US; Dr. Kai Fu Lee, co-founder, chairman and CEO of Sinovation Ventures; Thomas Barrack, executive chairman of Colony Capital; EDF CEO Jean Bernard Lévy; Jean Todt, president of Fédération Internationale de l’Automobile; Mahindra Group Chairman Anand Mahindra; and Anthony Scaramucci, founder and managing partner of SkyBridge Capital and former White House director of communications.