The volume of China’s gas imports, including liquefied natural gas transported via pipelines, declined during last September (2023), compared to the previous month.
Data from the General Administration of Chinese Customs, which was reviewed by the specialized energy platform, revealed that the country’s gas imports decreased to 10.14 million tons during the past month, compared to about 10.85 million tons in August (2023).
On an annual basis, China’s gas imports in September were approximately equal to the quantities imported in the same month of last year (2022), according to a report published by the “LNG Prime” platform (lngprime).
China’s oil imports during September also decreased by about 10.5% compared to the previous August, to 45.74 million metric tons (324.7 million barrels), or 10.82 million barrels per day.
(ton = 7.1 barrels)
China’s gas imports during 2023
China’s gas imports increased by 8.2% during the first 9 months of 2023 to 81.10 million tons.
The value of imports amounted to approximately 49.7 billion US dollars during the first 9 months of 2023, a decrease of 5.8% year-on-year.
Chinese customs did not reveal the volume of the country’s imports of liquefied gas during August, but the latest available data indicate that it recorded an increase of 34.1% on an annual basis, to 6.30 million tons.
China overtook Japan to seize the title of the largest importer of liquefied gas in the world during the first half of this year 2023, and this position was also reinforced by the growth of imports during July and August.
During the first 8 months of 2023, Japan imported 43.38 million tons of liquefied gas, a decrease of about 2.18 million tons, when compared to China, which imported 45.51 million tons.
The following chart – prepared by the Specialized Energy Platform – shows China’s import volumes of natural and liquefied gas until September 2023:
China’s oil imports
China’s imports of crude oil rose last September by about 14% on an annual basis to 45.74 million metric tons, or 324.7 million barrels, according to a report published by the agency. ReutersIt was reviewed by the specialized energy platform.
China’s oil imports in September were about 10.5% lower compared to oil imports in August 2023, which amounted to 12.4 million barrels per day.
The rise in oil imports was supported by extensive purchases by Chinese refineries to meet increasing demand with the advent of the Golden Week holiday, which lasts from the end of September until the first week of October, as well as improved indicators of the manufacturing sector.
China’s oil imports (the world’s largest oil importer) rose during the first 9 months of 2023 by 14.6%, on an annual basis, to 424.27 million tons.
The year 2023 witnessed a significant improvement in China’s oil imports, far exceeding the numbers of the previous year 2022, due to the removal of restrictions related to the Covid-19 pandemic.
The volume of imports of petroleum derivatives amounted to 5.44 million tons, down from 5.89 million tons in August, and a decline of 3.6% on an annual basis.
Refining margins fell to $6.70 at the end of September, compared to $10.65 per barrel at the beginning of the same month.
An oil tanker parked in front of a Chinese port – Photo from “China Daily”
Commenting on this, Emma Lee, a Chinese oil market analyst at Vortexa Oil Analytics in Singapore, attributed the decline in the volume of China’s oil imports during September on a monthly basis to a decrease in imports from Saudi Arabia and Russia, and the shift of independent refineries away. About high-priced Russian oil.
On September 5, 2023, Saudi Arabia, the world’s largest oil exporter, decided to extend the voluntary reduction in oil production by one million barrels per day until the end of December of this year.
Under the Saudi decision that came into effect last July 2023, the volume of Saudi oil production reaches approximately 9 million barrels per day.
In addition, 9 countries in the OPEC+ alliance approved a voluntary reduction in oil production, including the Kingdom and Russia, last April, and its implementation began the following May. The share of the Kingdom and Russia was about 500 thousand barrels per day each, and it is scheduled to It extends until the end of next year (2024).
Russia also decided to voluntarily reduce its oil exports by 300,000 barrels per day, starting from September until the end of the year.
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2023-10-16 18:24:27
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