Iran bitumen 60/70 price
Iran bitumen 60/70 price & the China’s crude oil imports
Generally speaking, Iran bitumen 60/70 price : China’s crude oil imports in January and February were
11.08 million barrels per day, up 4.1 percent from a year earlier and 9.5
percent from the same period in 2019. In other words, China’s crude oil imports in the first two months of 2021 reached 89.57 million tons, an increase of
4.1 percent over last year and 9.5 percent over the same period in 2019, according to the news agencies. To be more specific, the high demand for
fuel and increased refinery capacity in China has been the
key driver of the country’s imports.
Iran bitumen 60/70 price and China’s demands
According to the Chinese Ministry of Customs, imports of crude oil in January
and February amounted to 11.08 million barrels per day. The outbreak of the Coronavirus from Wuhan, China disrupted crude oil imports last year,
and subsequent quarantines reduced port activity and reduced demand for fuel. As a matter of fact, Corona’s re-emergence and travel restrictions in
Beijing cut Chinese oil demand by 400,000 barrels a day over the Chinese
New Year holiday, but analysts say the decline will not disrupt the fuel economy. Moreover, China’s crude oil import quota has increased it by 20 percent this
year since the start of new refinery facilities at Zhejiang Chemical
and Schengen Chemicals.
China’s natural gas imports rose 17.4 percent to 20.80 million tons in the
first two months of the New Year. In fact, cold weather has boosted the
demand for heating fuel in the country. Imports of natural gas in the
same period in 2019 amounted to 17.36 million tons. It’s also important to
know that the exports of China’s refined petroleum products rose 1.9
percent in January and February from a year earlier to 10.96 million tons.
Saudi Arabia raises crude oil prices for exports to Asia and the United States
According to the recent news, Saudi Aramco raised the price of Arab light oil
for delivery to Asia, its largest regional market, by 40 cents a barrel to $1.40 above the regional index. Besides, the price of Saudi crude oil exports to
the United States has also risen. According to Bloomberg, Saudi Arabia
increased the price of its crude oil for export to Asia and the
United States next month, following the extension of the OPEC Plus
production reduction contract, which shows a decrease in oil
supply in the market.
Iran bitumen 60/70 price and Saudi Arabia
Respectively, the world’s largest oil exporter raised its crude oil prices for
export to the East to its highest level since last year’s oil price war. The move by Saudi Arabia shows it expects demand to continue to rise despite the
OPEC Plus coalition’s surprising decision to continue cutting production. To some extent, Saudi Aramco increased the price of Arab light oil for delivery to Asia,
its largest regional market, by 40 cents a barrel, to $1.40 above the regional index. Oil traders and refineries expected Aramco to keep oil prices stable
before last week’s OPEC Plus action.
Iran bitumen 60/70 price and the Aramco
The Organization of the Petroleum Exporting Countries and its allies,
including Russia, decided at a March 4 summit to continue cutting production. Saudi Arabia has also pledged to continue reducing its voluntary production
by one million barrels a day, at least in April. These measures helped push up
oil prices to a two-year high of about $70 a barrel. Needless to mention
that Aramco has lowered the price of its oil exports to Europe. Oil exports to
the region are in a change by the price of Russian Ural crude oil. Russia intends
to increase the share of American producers in the market by increasing production.
Saudi Arabia has also increased the price of its crude oil exports to the
United States. Saudi Oil Minister Abdul Aziz bin Salman said his country was
not worried about US shale producers because they were currently focusing
on their profits and listening to the orders of their shareholders. Saudi oil
pricing also sets oil prices for other Middle Eastern suppliers,
including Iraq and the UAE, which are OPEC’s second and third largest producers.
Saudi Arabia and the UAE met a quarter of Japan’s oil needs
Also , According to Arab News, information from the Japan Natural Resources
and Energy Agency, owned by the Ministry of Economy, Trade and Industry, shows that Saudi Arabia maintained its position as the top oil supplier to
Japan in January with 36.45 million barrels. Which accounts for 45.7% of
Japan’s total oil imports. According to the agency, Japan imported 80.01
million barrels of oil in January, of which 93.5 percent came from seven Arab countries. As a matter of fact, imports from the UAE accounted for 24.25
million barrels, or 30.3 percent, while Qatar accounted for 6.189 million
barrels or 7.7 percent of Japan’s total imports.Iran bitumen 60/70 price
It’s also worth mentioning that Japan’s oil imports from Kuwait were 4.4
million barrels, equivalent to 5.6% of the country’s total imports. However, Bahrain exported 1.85 million barrels of oil to Japan, accounting for 2.3
percent of Japan’s total imports, and imports from Oman to 1.31 million
barrels, or 1.6 percent. Algeria’s share of Japanese oil imports was 0.3%. Additionally, Imports from the border region between Saudi Arabia and
Kuwait amounted to 185643 barrels, equivalent to 0.2% of
Japan’s total oil imports.
As the last point, Russia exports 2.30 million barrels of oil to Japan,
accounting for 2.9 percent of the country’s oil imports. Oil imports
from the United States in January accounted for 0.6 percent of Japan’s
oil imports, and Ecuador exported 740,000 barrels of crude oil
or 0.9 percent of Japan’s oil imports.